October 4, 2022

You Can Officially Check “Updated COSO Internal Control – Integrated Framework” Off Your Wish List

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]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

sad face spray painted on a wall

A Bunch of Auditors at RSM F*cked Up

Today in Auditors Not Doing Their Jobs, the SEC has charged RSM, three senior-level employees who work there, and a couple partners with improper professional conduct for failing to properly audit Revolution Lighting Technologies Inc.’s financial statements over a four-year period when Revolution was violating accounting principles by inflating revenue with bill and hold sales. […]

Sarcastically Surprised Kirk meme

The Talent Shortage Has Gotten So Bad Clients Are Now Doing Their Own Audit Documentation

The Securities and Exchange Commission has charged Deloitte China with failing to comply with fundamental U.S. auditing requirements because in numerous audits over numerous years Deloitte China asked clients to select their own samples for testing and to prepare their own audit documentation. From the SEC press release: The Securities and Exchange Commission today charged […]