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1. COSO’s ERM framework to undergo update   WebExclusive

BY Ken Tysiac
A well-known framework for risk management is scheduled for another update.The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced Tuesday that it is undertaking a project to update its Enterprise Risk Management—Integrated Framework, which debuted in 2004.Organizations use the framework to help them manage uncertainty, consider how much risk to accept, and improve understanding of their opportunities to increase and preserve value.The update is being undertaken to improve the framework’s content and relevance in the context of an increasingly complex business environment.

2. COSO transition getting a close look from auditors   WebExclusive

BY Ken Tysiac
The early stages of implementation are over for many companies using the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).In 2013, the framework—which had been in use since 1992—was updated to reflect changes in the business environment. U.S. public companies have been working to implement the new framework to fulfill their internal control over financial reporting requirements under the Sarbanes-Oxley Act (SOX).COSO will consider the 1992 framework to be superseded following a transition period that ends Dec.

3. How to use COSO to assess IT controls  

BY John White, CPA/CITP, Ph.D.
Maintaining proper controls over information technology is a constant concern for businesses as they try to use technological advances to drive efficiency and growth.Principle 11 in the newly updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) provides guidelines for assessing the effectiveness of controls over IT (see the sidebar, “COSO’s Principle 11”).

4. 11 issues that could flare up at the next shareholder meeting   WebExclusive

BY Ken Tysiac
U.S. public companies are operating in an environment full of both risk and opportunity as they prepare for their annual shareholder meetings.Cyberthreats, disaster planning, and political and economic unrest are among many factors that make the current climate hazardous for many companies.Although high values in the stock market indicate an environment that has improved significantly—if slowly—since the lowest depths of the global financial crisis, recent dips in the market indicate that volatility still exists.Shareholders are likely to be focused on both the risks and the opportunities in upcoming shareholder meetings, according to Wendy Hambleton, CPA, a partner

5. Five key defenses against risk   WebExclusive

BY Ken Tysiac
When does a company pull the trigger on an acquisition or investment? When is expanding into a new market a prudent choice? And when is the right time to hire additional personnel or change employee benefits?These are among the many questions organizations consider through a lens of strategic opportunities and risks.

6. Align your controls with COSO’s principles   WebExclusive

BY Ken Tysiac
A mapping exercise is one of the most important activities for any organization implementing the updated 2013 internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), experts say.The updated framework includes 17 newly described principles across the five components of internal control that were present in the original, 1992 framework.

7. Put COSO update to work  

BY Doug Prawitt, CPA, Ph.D. and Ken Tysiac
Here is how organizations can implement the newly updated, principles-based internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which was released May 14 (visit ic.coso.org). The original 1992 framework has been sharpened and refreshed to reflect the current business environment. Create a team and a plan.

8. Protiviti exec Hirth named COSO chairman   WebExclusive

BY Ken Tysiac
Robert Hirth, CPA, a founding managing director of global consulting firm Protiviti, has been named chairman of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO is a joint initiative of five private-sector organizations, including the AICPA, that provides thought leadership by developing frameworks and guidance on enterprise risk management, internal control, and fraud deterrence.

9. SOX compliance costs rise for many companies, report finds   WebExclusive

BY Ken Tysiac
New developments associated with the Sarbanes-Oxley Act of 2002 (SOX) have companies changing their compliance processes more than a decade after the law was enacted, according to a new survey report. Organizations reporting rises in SOX compliance costs and external audit fees in 2012 vastly outnumbered those reporting decreases, according to global consulting firm Protiviti’s 2013 Sarbanes-Oxley Compliance Survey report.

10. 8 steps to update internal control   WebExclusive

BY Doug Prawitt, CPA, Ph.D. and Ken Tysiac
Here is how organizations can implement the newly updated, principles-based internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which was released May 14 (visit ic.coso.org). The original 1992 framework has been sharpened and refreshed to reflect the current business environment. Create a team and a plan.
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