www.accountingtoday.com
David Landsittel, the chairman of the Committee of Sponsoring Organizations of the Treadway Commission, or COSO, wants auditors to get ready for the expanded internal control framework that he anticipates will be approved next year.
Speaking at an auditing conference at Baruch College's Zicklin School of Business in New York on Thursday, co-sponsored by the NASBA Center for the Public Trust, he said the new framework has been updated to reflect the current business environment. COSO has also formalized the fundamental concepts in the 1992 framework underlying the five components as 17 principles.
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