COSO Announces Project to Modernize Internal Control - Integrated Framework

Last week, the COSO committee announced that it would be updating the COSO framework. "The Committee of Sponsoring Organizations of the Treadway Commission (COSO) today (sic) announced a project to review and update the COSO Internal Control - Integrated Framework (Framework). This initiative is expected to make the existing Framework and related evaluation tools more relevant in the increasingly complex business environment so that organizations worldwide can better design, implement, and assess internal control."

The intention is to update the guidance to reflect changes in the environment, such as technological changes and regulator expectations, but not to change the fundamental principles of the framework. PwC has been hired to support the update, which is expected to be released in 2012. For the announcement, click this link.