COSO Extends Deadline for Internal Control - Integrated Framework Survey
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced that the online survey launched last month to collect input for updating the COSO Internal Control - Integrated Framework survey will remain open until September 1, 2011. This extends the survey's original submission deadline of January 31, 2011.
COSO welcomes the participation of all who are familiar with the Framework, initially published in 1992, to assess the Framework’s current relevance and identify areas that may require updating. Data collected by this survey will be utilized for the initial drafting effort, and data received subsequently will be considered as input for a subsequent drafting phase.
In addition to this survey, COSO will gather and analyze relevant data through other mechanisms, including release of an exposure draft to the general public and regular meetings with COSO’s project Advisory Council. The Council is comprised of representatives from industry, academia, government agencies, and not-for-profit organizations.
J. Stephen McNally, CPA, who represents IMA® on the COSO Advisory Council and works as finance director/controller at Campbell Soup Company said: "From a practitioner's point of view, I have personally applied the 1992 Framework to support SOX attestations and control self-assessments to improve the effectiveness of our internal controls. That said, over the years, our profession has experienced significant technological advances, an increased focus on governance, and globalization; all which affect how we assess, design, and manage internal controls. Participants of COSO's survey have an opportunity to contribute to the advancement of internal controls which is a critical element of the management accountant's body of knowledge."
The Internal Control – Integrated Framework survey is available online at http://www.cosointernalcontrols.com/fs/fs.aspx?surveyid=837aa204a6b4b5ab83040fae45e0c60.
Originally formed in 1985 to sponsor the National Commission of Fraudulent Financial Reporting, COSO (www.coso.org) is a joint initiative of five private sector organizations and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control, and fraud deterrence. In addition to IMA, COSO was co-founded by the Institute of Internal Auditors (IIA), the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), and Financial Executives International (FEI).