Welcome to COSO Internal Control - Integrated Framework.

In November 2010, COSO announced a project to review and update the 1992 Internal Control-Integrated Framework (ICIF or Framework). COSO’s goal in updating the framework is to increase its relevance in the increasingly complex and global business environment so that organizations worldwide can better design, implement, maintain and assess internal control.

COSO engaged PwC as author of the update. PwC has received valuable input from COSO, its Advisory Council, and many stakeholders through an on-line survey conducted from January to September 2011 and since that time. The proposed Framework retains the core definition of internal control and the five components of internal control. One of the most significant enhancements is the expression of 17 principles, which were described in some form in the original framework, and related attributes. COSO believes these principles will assist organizations as they apply judgment in designing, implementing, maintaining and assessing internal control.
 
COSO also believes the proposed Framework will provide organizations with significant benefits – for example, it is expected to enable 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. Furthermore because the definition of internal control and its five underlying components are not changing, COSO believes that the codification of the principles will not impose additional burdens or a higher threshold for designing and maintaining an effective system of internal control.
 
Beginning on December 19, 2011, COSO provided the public with the opportunity to review and provide comments on the proposed Framework.  As previously announced, this comment period closed March 31, 2012. COSO thanks all individuals and organizations that provided comments during this period.

In addition to updating the Framework, COSO is developing related (i) practice aid to illustrate how the principles set forth in the updated Framework can be applied in assessing effectiveness of internal control (ICIF Practice Aid), and (ii) approaches and examples to illustrate how these principles can be applied in designing, implementing and maintaining internal control over external financial reporting (ICEFR Approaches and Examples). 

COSO has scheduled to release the proposed ICEFR Approaches and Examples exposure draft for public comment during the summer of 2012.