The Committee of Sponsoring Organizations of the Treadway Commission has released an exposure draft of its Internal Control over External Financial Reporting: Compendium of Approaches and Examples.
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Part of COSO╒s overall project to update its Internal Control Integrated Framework, the compendium has been developed to assist users when applying the framework to external financial reporting objectives.╩
The compendium was written by Big Four firm PwC under the direction of COSO. It illustrates how the principles set forth in the proposed updated framework can be applied in designing, implementing and conducting internal control over external financial reporting.
COSO is also making a revised version of its previously exposed updated framework available that incorporates revisions arising from consideration of comments received during the comment period. More than 200 organizations and professionals provided comments on the exposure draft.
It is also making available the proposed Illustrative Tools to assist users when assessing the effectiveness of a system of internal control based on requirements set forth in the updated framework.
COSO welcomes comments on the proposed compendium, as well as on the post-public exposure version of the updated framework and Illustrative Tools.
The public comment period will end on Nov. 20, 2012.╩ Release of the final documents is expected during the first quarter of 2013. To access drafts of these proposed documents and submit comments on them, visit the COSO Web site.