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Details

  • Service: Audit, Audit, Audit & Financial Reporting, Advisory, Risk Consulting
  • Type: White paper
  • Date: 6/10/2013

COSO 2013 Framework 

KPMG has released a White Paper: COSO Internal Control - Integrated Framework (2013).
COSO 2013 Framework
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The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released its updated Internal Control Integrated Framework (2013 Framework).

 

The framework, which is widely used by all Canadian non-venture issuers and SEC registrants as the basis for their internal control certifications under NI 52-109 or the Sarbanes-Oxley Act, was originally published in 1992. The 2013 framework takes into account changes in the business environment and operations over the last 20 years.

 

Key points addressed in this publication:

 

  • Definition of Internal Control and Objectives
  • Components
  • Limitations of Internal Control
  • Major Deficiency and Material Weakness
  • Documentation
  • Transition – Timeline and Effort.
 

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