On May 14, 2013, COSO released an updated version of its Internal Control – Integrated Framework. The original version, which was released in 1992, was superseded by the 2013 version – effective for fiscal years ended after December 15, 2014. … Continue reading
Category Archives: COSO
Adopting the 2013 COSO Framework: Fiscal 2016 Update
By now, every company should be using the COSO 2013 Framework in conjunction with their annual evaluations. In updating last year’s analysis, we discovered otherwise. Although the original version of the framework released in 1992 was superseded by the 2013 … Continue reading
2015 SEC Filing Highlights, Part 1 of 2
In this post, our second annual “best-of-the-year” review, we’ll look at 2015 filings for some of the highlights of the year: the largest restatement, for example, and the biggest overseas stash. We’ll also look at lengthy comment letter correspondence, give a quick recap of … Continue reading
PCAOB Member Updates Internal Control Analysis
At this year’s Annual Meeting of the American Accounting Association (AAA) held in New York City, Jeanette M. Franzel of the PCAOB presented an update on trends and issues concerning the COSO framework and Internal Control over Financial Reporting (ICFR). The presentation covered issues and … Continue reading
2015 Financial Restatements Review
The annual Audit Analytics report on financial restatement trends is now available. This report, which includes data from the full year 2015, provides a detailed analysis and comparison of trends in financial restatements over a fifteen-year period. Restatement Trends Continue … Continue reading
Adopting the 2013 COSO Framework: Fiscal 2015 Update
Last year, together with Protiviti, Audit Analytics reviewed the progress of public companies towards adoption of the new 2013 COSO Framework. Data gathered from fiscal 2015 annual reports shows that the implementation of COSO for audited ICFRs is almost complete: 96% of … Continue reading
Adopting the 2013 COSO Framework
Larger companies are leading the pack when it comes to implementation of the new 2013 COSO Framework, according to analysis by Audit Analytics and Protiviti. Data gathered from 2014 annual reports shows that over 80% of large accelerated filers disclosed using the … Continue reading