Key Developments Within Coso 2013-15 Essay

Key Developments Within Coso 2013-15 Essay

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Key Developments within COSO 2013-15
• COSO released an updated internal control- integrated framework in 2013 which will supersede the 1992 framework by Dec 14 2014
• The SEC has stated the staff intends to monitor the transition for issuers using the 1992 Framework to evaluate rather any staff of commission action will be needed in the future. As the Framework was updated on Dec 14 2014 the staff that still abide by the 1992 Framework are likely to be questioned by the SEC regarding whether or not the 1992 Framework is a suitable framework
• It is recommended that the SEC registrants that are subject to reporting requirements related to internal controls (ICRF) use the 2013 framework for reporting periods ending after Dec 14 2014. PCAOB auditing standard 5 requires that external auditors use the same internal control framework used by management to access the design and operating effectiveness of the company’s internal control on financial reporting (ICFR)
PCAOB Auditing Standard 5 consists of the following:
• Establishes the criteria and provides directions in regards to when an auditor is engaged to perform an audit of management’s assessment
• The reliability of a company’s financial report is dependent on effective internal controls.
• The Auditors objective is to express an opinion regarding the effectiveness of a company’s internal control policies
• The standards apply to internal audits rather than financial reporting.
• The Auditor should use the same control framework as the company to perform the internal control audit of said company in order to ascertain the effectiveness of a company’s internal control over financial reporting.
The Importance of the COSO Framework
• The objective for COSO updating the framework...


... middle of paper ...


...and dealer.
VII. Title VII has five sections and requires the Comptroller General and the SEC to enact numerous studies and to report their findings.
VIII. Title VIII has seven sections and is also referred to as the "Corporate and Criminal Fraud Accountability Act of 2002" This title describes the criminal penalties for the interference of a fraud investigation, including the alteration, destruction and/or manipulation of financial records. It also gives protection to whistle-blowers.
IX. Title IX consists of six sections and is known as the "White Collar Crime Penalty Enhancement Act of 2002." This section suggests stronger sentencing for “white collar” crimes and identifies failing to certify corporate financial reports as a crime.
X. Title X is just one section that states that the Chief Executive Officer it to sign the tax returns.
Sarbanes–Oxley Section 302


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