As technology and business environments have changed, so has the need to adapt our approach to conducting internal audits. The COSO framework released in 2013 provides an update to the existing framework to take into consideration the changes in the complex working environments of today, versus 1992. Thus, the 2013 COSO release should not be viewed as a new framework, but instead, as an enhancement to the existing framework. These enhancements consider the changes in business and operating environments with the intent to improve governance beyond financial reporting, improve the quality of the risk assessment and strengthen anti-fraud efforts.
Institutions that have not implemented a formal internal control framework should consider implanting the COSO framework for their institution. While other frameworks do exist, the COSO framework is the most widely accepted and used. The 2013 COSO framework will assist in identifying areas of weakness and opportunities for improvements to strengthen operational performance, anti-fraud efforts and adaptability for changing trends. Implementing a framework will also assist in enhancing communications between management, the board and external parties.
Our multidisciplinary team of specialists can assess your current internal controls landscape and collaborate with you to develop and execute a work plan unique to your situation, and help you optimally comply with the 2013 COSO Framework.