Governance Leadership through COSO (2013) Internal Control Framework
In 2013, COSO released its update to the original 1992 COSO Control Framework. From the control environment, to risk assessment, to control activities, to information and communication, and finally to monitoring activities, the 17 Principles and 77 Points of Focus in the updated COSO provide a holistic way to talk about internal control. It is our belief, that many companies are still learning what the implications of shifting to the new framework entail and as auditors, we are not sure how to measure and evaluate progress. Our presentation is relevant to “Navigating the Future” in that it will help provide insight into how the new COSO can be used by Internal Auditor and the business to holistically form an overall opinion on Internal Control. Through our presentation, attendees will learn how Equity has developed tools for working with the COSO framework to provide a point in time evaluation of internal control and a forward looking internal control perspective, thereby helping senior executives and board members see the COSO framework as a living document by framing issues and finding audit findings. The COSO framework is a powerful tool to allow Internal Audit and the business talk about internal control issues and increase Internal Audit’s presence and leadership at the executive table and in the Boardroom.