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Watch for Deloitte’s forthcoming Heads Up newsletter for additional analysis of the 2013 Framework.

The 1992 Framework will remain available during the transition period, which ends December 15, 2014, after which time COSO will consider it superseded.Īlong with the 2013 Framework, COSO also issued today Illustrative Tools for Assessing Effectiveness of a System of Internal Control and Internal Control Over External Financial Reporting (ICEFR): A Compendium of Approaches and Examples.Īdditional information and resources, including an executive summary of the 2013 Framework, an FAQ document, and slides, are available on COSO’s Web site. One of the most significant changes COSO made in the 2013 Framework was to codify into principles the internal control concepts introduced in the original Framework.

The updates to the Framework are intended to clarify internal control concepts and simplify their use and application. Originally issued in 1992, the Framework helps organizations design, implement, and evaluate the effectiveness of internal controls. D1904341 Internal Control Framework October 2019 1 1 Introduction In 2013 the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its revised Internal Control Integrated Framework. Differentiate between control components, principles and characteristics. Identify the controls required of government financial managers.

Today, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued its 2013 Internal Control - Integrated Framework (the “2013 Framework”) and related illustrative documents. Learning Objectives Participants will be able to: Summarize the basic COSO framework. by developing thought leadership that enhances internal control, risk management, governance and fraud deterrence.