State Board Report
Comments on the “Internal Control-Integrated Framework” developed by COSO (the Committee of Sponsoring Organizations of the Treadway Commission) are due by March 31, 2012 (see COSO website). The new Framework builds on the original version, which was released in 1992. One of the enhancements of the new Framework is the codification of internal control concepts into 17 principles and their supporting attributes. Updates and enhancements address changes in the business and operating environments, including: expectations for governance oversight; globalization of markets and operations; changes in business models; demands and complexities in laws, rules, regulations and standards; expectations for competencies and accountabilities; use of, and reliance on, evolving technologies; and expectations relating to preventing and detecting corruption.
The Framework was developed by Pricewaterhouse Coopers, project leader Miles E.A. Everson, with a COSO advisory team. According to COSO, the Integrated Framework:
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