Internal control over financial reporting - Transition to the 2013 Framework 

May 31:  The Committee of Sponsoring Organizations (COSO) of the Treadway Commission recently released its updated Internal Control—Integrated Framework (2013).

The 2013 Framework:


  • Takes into account changes in the business environment and operations over the last 20 years
  • Retains the definition of internal control and the “COSO cube”, including the five components of internal control: (1) control environment; (2) risk assessment; (3) control activities; (4) information and communication; and (5) monitoring activities

The most significant change made in the 2013 Framework is the codification of the 17 principles that support the five components.


Read a May 2013 report [PDF 247 KB] prepared by KPMG LLP: Defining Issues: COSO Releases Internal Control –Integrated Framework (2013)


The report includes KPMG’s initial thoughts about the implications of the 2013 Framework for management’s assessment of internal control over financial reporting as organizations transition to the 2013 Framework




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