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    1. COSO’s ERM framework to undergo update   WebExclusive

    BY Ken Tysiac
    A well-known framework for risk management is scheduled for another update.The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced Tuesday that it is undertaking a project to update its Enterprise Risk Management—Integrated Framework, which debuted in 2004.Organizations use the framework to help them manage uncertainty, consider how much risk to accept, and improve understanding of their opportunities to increase and preserve value.The update is being undertaken to improve the framework’s content and relevance in the context of an increasingly complex business environment.

    2. COSO transition getting a close look from auditors   WebExclusive

    BY Ken Tysiac
    The early stages of implementation are over for many companies using the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).In 2013, the framework—which had been in use since 1992—was updated to reflect changes in the business environment. U.S. public companies have been working to implement the new framework to fulfill their internal control over financial reporting requirements under the Sarbanes-Oxley Act (SOX).COSO will consider the 1992 framework to be superseded following a transition period that ends Dec.

    3. Proposed new guidance outlines 12 principles for internal auditing   WebExclusive

    BY Ken Tysiac
    Proposed changes to guidance followed by internal auditors include a new mission statement and a set of 12 core principles that highlight what effective internal auditing looks like in practice.The Institute of Internal Auditors (IIA) on Monday announced the proposed changes to the International Professional Practices Framework, which is promulgated by the IIA.

    4. How to use COSO to assess IT controls  

    BY John White, CPA/CITP, Ph.D.
    Maintaining proper controls over information technology is a constant concern for businesses as they try to use technological advances to drive efficiency and growth.Principle 11 in the newly updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) provides guidelines for assessing the effectiveness of controls over IT (see the sidebar, “COSO’s Principle 11”).

    5. Internal audit oversight  

    BY Richard J. Anderson, CPA and J. Christopher Svare
    One of an audit committee’s most important responsibilities is to oversee the organization’s internal audit function. Here are 10 steps audit committees can take to facilitate proper oversight and direction of internal audit: Evaluate the current and projected scope of internal audit coverage of risk management and governance.

    6. Put COSO update to work  

    BY Doug Prawitt, CPA, Ph.D. and Ken Tysiac
    Here is how organizations can implement the newly updated, principles-based internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which was released May 14 (visit ic.coso.org). The original 1992 framework has been sharpened and refreshed to reflect the current business environment. Create a team and a plan.

    7. Applying the principles: COSO proposal relates framework to external financial reporting  

    BY Ken Tysiac
    News reports show the frightening weather satellite images of a hurricane that is causing concern for leaders of an automobile manufacturing plant. The storm’s possible effects on the supply chain seem obvious as it approaches one of the company’s suppliers. The problems this could cause for internal control over the company’s financial statements are less apparent.

    8. Small business, big risk  

    BY Ken Tysiac
    Small businesses are significantly more likely than their larger counterparts to neglect instituting basic antifraud controls that could save them from costly losses, a recent worldwide survey shows. Organizations with fewer than 100 employees were significantly outpaced by larger organizations in every fraud control measured in the Association of Certified Fraud Examiners (ACFE) 2012 Report to the Nations on Occupational Fraud and Abuse, which was released in May.

    9. Corporate governance best practices 10 years after SOX   CPEDirect

    BY Ken Tysiac
    You could hardly go to a Washington hearing related to an accounting or auditing issue this spring without someone singing the praises of the Sarbanes-Oxley Act of 2002 (SOX). At a House subcommittee meeting on accounting and auditing oversight, House Financial Services Committee Chairman Spencer Bachus, R-Ala., said SOX has been successful in preventing some of the challenges it was created to address.

    10. Updated COSO framework will help audit committees comply with SOX  

    BY Stephen G. Austin
    The compliance revolution after the passage of the Sarbanes-Oxley Act of 2002 (SOX) was accomplished in large part with the help of the internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO’s framework became part of a worldwide movement to enhance periodic accounting and reporting of financial results.
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