The Committee of Sponsoring Organizations of the Threadway Commission (COSO) has introduced 17 new principles across the five components critical to internal control as part of its Internal Control-Integrated Framework released on May 14, 2013.

According to COSO, the updates are designed to help organizations design and implement internal control in light of changes in the business landscape since the framework’s original release in 1992 and last updated in 2009.

Also released were two illustrative documents to help organizations assess internal control according to the new framework:

  • Tools for Assessing Effectiveness of a System of Internal Control
  • Internal Control over External Financial Reporting (ICEFR): A Compendium of Approaches and Examples

These documents along with the framework are available for purchase at through Dec. 31, 2013. Free tools available for download include:

The updated framework will supersede the original framework on Dec. 15, 2014.

For assistance navigating the framework, contact our internal auditors in Michigan, Houston or Ft. Lauderdale.