COSO made significant changes in application from the 1992 version of the Framework to the COSO 2013 version. The changes in the revised Framework include a modification to the definition of internal control and migration to a conceptual application of a principles based framework supported by points of focus that apply the principles.
The new definition and concepts are explored in detail in the Controls Framework presentation of the new COSO publication. All principles and points of focus for each of the five components are explored in overview including a summary definition of each component.
Though the components of the Framework remained the same, COSO made significant changes in the applications of the components. The 1992 framework was based on a "factors" approach with supporting "points of focus." COSO 2013 adopts a "principles" based approach, supported by points of focus for each principle.
The revised framewok is made up of 17 principles as follows:
Each component is explored in detail on this site with its related summary, defintions, principles and points of focus. A summary listing of all principles and points of focus, compenents and concepts is available in a PDF printable format in the COSO 2013 Quick Reference Guide.
The Committee of Sponsoring Organizations (COSO) on May 14, 2013 issued its updated Internal Control Integrated Framework and related illustrative documents. COSO believes that users should transition their applications and related documentation to the updated Framework as soon as is feasible under their particular circumstances.
As previously announced, COSO will continue to make available its original 1992 Framework during the transition period extending to December 15, 2014, after which time COSO will consider it as superseded by the 2013 Framework.
The new Framework is a much expanded version than the 1992 version. Previously, the 1992 framework could be presented in acceptable detail in a two day course. However, with the complexities and expansions of the COSO 2013 version of the Framework, that no longers holds true. The updated framework requires a two day overview course to gain basic familiarity with the overview of the concepts, principles and points of focus.
Follow up courses are offered for specific application of the principles and points of focus of the individual components. The COSO Illustrative Tools for Assessing Effectiveness of a System of Internal Control serve as the basis for principle analysis in the cases and exercises
Summary courses are offered for executive management and governance members that explore the Framework in overview and focus on the roles and responsibilities of all parties involved in the internal control structure.
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