Welcome to COSO Internal Control - Integrated Framework.

In November 2010, COSO announced a project to review and update the 1992 Internal Control - Integrated 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, and assess internal control.

COSO engaged PwC as author of the update. PwC has received valuable input from the Advisory Council and other stakeholders. 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 concepts described in the original framework into 17 principles, accompanied by related attributes. COSO believes that these principles and attributes will assist organizations as they apply judgment in improving performance and managing risk in changing business and operating environments.
 
COSO believes this Framework will provide organizations significant benefits – for example, increased confidence that controls mitigate risks to acceptable levels and by providing reliable information supporting 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 and attributes will not impose additional burdens or a higher threshold for designing and maintaining an effective system of internal control.
 
COSO is now seeking comments on the proposed Internal Control - Integrated Framework.  To assist you in developing your views, COSO and PwC have prepared a series of questions for consideration. Respondents can answer these questions and/or submit letters here. The download of the exposure draft Framework includes these questions. This comment period closes March 31, 2012.