Another Festivus miracle!
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) – an organization providing thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence – has released, for public comment, an updated Internal Control – Integrated Framework (Framework) intended to help organizations improve performance with greater agility, confidence and clarity. COSO originally engaged PwC to develop a framework for internal control in response to a recommendation from the Treadway Commission. Building on the success of the original framework, COSO has worked with PwC to update it for organizations: to adapt to increasing complexity and pace of change; to mitigate risks to the achievement of objectives; and to provide reliable information to support sound decision making.
Now, I know what some you may be asking youselves: "If PwC was engaged to develop a framework for internal control in response to a recommendation from the Treadway Commission, then doesn't that mean that all other audit firms that follow COSO are simply audit whores doing PwC's bidding? And, oh by the way, didn't PwC just get an abnormally awful PCAOB inspection report?"
And I think one could answer both these questions by simply saying, "Yes."
[via COSO, PwC]
