Auditors and companies looking to adhere to a proposed internal control framework for financial reporting were told yesterday at a Baruch College auditing conference not to sweat the actual implementation date when the draft framework is finalized in March 2013. Comparing the new framework from the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to Microsoft’s Windows 8, David Landsittel, chairman of COSO, said that users may initially favor the older framework, which will be “available as long as the market wants it.” But the new version will be “more robust” than the previous version, which dates back to 1992. [CFO]
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The February gloom was broken recently by the news that the British government will be introducing reforms targeting company financial reporting and audit oversight. In truth, none of this should be a surprise. There have been several accounting scandals in recent years where the directors of various companies have been unscrupulous and their external auditors […]
In yesterday’s Accounting News Roundup e-newsletter, you might have noticed an ad for a free webinar on June 23, “Be Ready: Q2 Disclosures in Light of COVID.” (If you do not subscribe to ANR, you can do so here, thx.) Because the COVID-19 pandemic is affecting pretty much everything in life—yes, even public company financial […]