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​About This Project

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The 1992 Internal Control - Integrated Framework has been widely accepted by organizations implementing and evaluating internal control related to operations, compliance, and financial reporting objectives, and more recently, internal control over financial reporting in compliance with the U.S. Sarbanes-Oxley Act of 2002 (SOX) and similar regulatory requirements in other countries.

Enhancements to the Framework are not intended to alter the core principles first developed in 1992, but rather facilitate more robust discussion of internal control. Certain concepts and guidance in the Framework are being refined to reflect the evolution of the operating environment, changed expectations of regulators and other stakeholders. In addition, enhancements are expected to consider more than financial reporting and to consider ways to enrich the guidance on operations and compliance objectives.

COSO has engaged PwC to support its update of the Framework. As such, PwC will be working under COSO's leadership and direction in developing the updated Framework. To help ensure a broad representation of perspectives, COSO has formed an Advisory Council comprised of representatives from industry, academia, government agencies, and not-for-profit organizations to provide input as the project progresses.

Although not included with this exposure draft, COSO has initiated a concurrent project to develop Guidance on Internal Control over External Financial Reporting (ICEFR Guidance). This additional guidance will assist organizations by providing practical approaches and examples on how the Framework can be applied in designing and maintaining internal control over external financial reporting. COSO intends to post an overview of this guidance on www.coso.org later this year. COSO also expects to issue an exposure draft of the complete ICEFR Guidance for public comment in the spring of 2012 and to release the final ICEFR Guidance together with the Framework in the fall of 2012.