The Updated COSO Internal Controls Framework: FAQ

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The Updated COSO Internal Controls Framework: Frequently Asked Questions


The Committee of Sponsoring Organisations of the Treadway Commission (COSO) – an organisation providing thought leadership and guidance on internal control, enterprise risk management (ERM) and fraud deterrence –released its long-awaited updated Internal Control – Integrated Framework (New Framework) in May of 2013.


The New Framework issued by COSO is an important development, as it facilitates efforts by organisations to develop cost-effective systems of internal control to achieve important business objectives and sustain and improve performance. It also supports organisations as they adapt to the increasing complexity and pace of a changing business environment, manage risks to acceptable levels and improve the reliability of information for decision-making.


Companies using the 1992 framework for Sarbanes-Oxley compliance and other purposes should familiarise themselves with the New Framework and companion materials, determine their transition plan, and communicate to the appropriate stakeholders the release of the New Framework and its implications to the organisation. It is hoped that this guide will help them as they execute their transition plans.


This third edition of our guide addresses various questions regarding the New Framework from COSO, including the reasons why it was updated; what has changed; the process for transitioning to its use; and steps companies should take now. It has been enhanced with 16 new questions and updates to existing answers that have arisen since publication of the second edition, particularly from discussions with clients and webinars we have conducted.

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The Updated COSO Internal Controls Framework: FAQ (3rd Edition)

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