Updated COSO Framework Will Help  

Oleh:

Austin, Stephen G.

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Journal of Accountancy vol. 214 no. 1 (Jul. 2012), page 27-30.
Topik: Public Company Accounting Reform & Investor Protection Act 2002-US; Internal Controls; Financial Reporting; Exposure Drafts; Compliance; Associations

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.33 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The compliance revolution after the passage of the Sarbanes-Oxley Act of 2002 (SOX) was accomplished in large part with the help of the internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO's framework became part of a worldwide movement to enhance periodic accounting and reporting of financial results. Coupled with the global convergence to IFRS, this should provide for a new age of financial information reliability and comparability. In the past few years, COSO has remained active, providing new guidance regarding monitoring, enterprise risk management (ERM), enhanced board oversight, and quantifying risk appetites for corporate America. In December, COSO released an exposure draft (ED) and several related discussion questions that convert the 20-year-old COSO model to an upgraded and enhanced 2.0 version. The updated COSO framework will provide refreshed objectives. It will increase focus on operations, compliance, and nonfinancial reporting objectives.

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