Assurance Flash Report - January 2014
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued an updated Internal Control-Integrated Framework (2013 Framework) and related Illustrative Tools and ICEFR Compendium which are available for purchase on their website: http://www.coso.org/. These tools include templates and scenarios that may be useful for management when using the 2013 Framework to assess the effectiveness of a system of internal control. These prior Flash reports provide a summary of the more significant features of the 2013 Framework along with a series of frequently asked questions ("FAQs") for consideration by companies as they prepare to implement the updated framework. The purpose of this Flash is to alert companies about certain implementation considerations as they transition to the 2013 Framework.