What's New |
May 24, 2018
COSO Sponsors Launch ERM Certificate Program COSO announces the COSO Enterprise Risk Management Certificate. The program offers strategy, finance, accounting, auditing, risk management and other business professionals the opportunity to earn a certificate in the
COSO ERM Framework. The COSO ERM Certificate is geared toward professionals who play a risk management role in entities of any size, consultants who provide advisory services related to enterprise risk management, and board members who provide oversight of enterprise risk management. The course is offered only through COSO’s five sponsoring organizations: American Accounting Association (AAA), American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), IMA (Institute of Management Accountants), and The Institute of Internal Auditors (IIA).
News Release
 COSO Enterprise Risk Management Certificate Program
Feb. 7, 2018
COSO, WBCSD Release New Draft Guidance on Environmental, Social and Governance-related Risks COSO and the World Business Council for Sustainable Development (WBCSD) released at GreenBiz 2018 a draft Guidance for applying Enterprise Risk Management (ERM) to Environmental, Social and Governance (ESG)-related risks. The supplemental draft Guidance is designed to help organizations worldwide respond to the increasing prevalence and severity of ESG-related risks, ranging from extreme weather events to product safety recalls. COSO and WBCSD are seeking public comment on the draft Guidance and the previously released Executive Summary through June 30, 2018. Comment letters may be provided to
risk@wbcsd.org. A consultation survey also will be available soon through the COSO website.
News Release
Preliminary Draft Guidance
Preliminary Draft Guidance (printable)
Draft Executive Summary
Draft Executive Summary (printable)
Feb. 1, 2018
 COSO Appoints Leading Audit and Risk Management Executive Paul Sobel as Chairman COSO has named Paul Sobel, Vice President and Chief Audit Executive at Georgia-Pacific LLC, as its new Chairman. His appointment to a three-year term is effective Feb. 1. Sobel, CIA, QIAL, CRMA, is recognized as a leading expert on governance, enterprise risk management, compliance, and internal control. He was selected as Chairman because of his extensive background along with his experience in corporate environments and professional service firms. Sobel succeeds Robert B. Hirth Jr., who served as COSO chairman since 2013.
News Release
Bio
Jan. 23, 2018
COSO, WBCSD Release Draft on Environmental, Social and Governance-related Risks
COSO partners with the World Business Council for Sustainable Development (WBCSD) in releasing a draft executive summary about new, cutting-edge guidance, "Applying Enterprise Risk Management to Environmental, Social and Governance-related Risks." The guidance will help organizations worldwide respond to the increasing prevalence and severity of ESG-related risks, ranging from extreme weather events to product safety recalls. Details of a public comment period on the draft executive summary and on a draft of the full application guidance will be available in the coming weeks.
News Release
Executive Summary
Executive Summary (printable)
Sept. 20, 2017
COSO Seeks New Board Chair
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is seeking applications for the position of Board Chair. The Chair is responsible for leading COSO in fulfilling its mission of providing thought leadership dealing with enterprise risk management, internal control and fraud deterrence. Candidates may submit a letter of interest along with a current resume of qualifications by the position application close date of Oct. 27, 2017.
News Release
Sept. 6, 2017
COSO Issues Important Update to ERM
Framework The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its highly anticipated ERM Framework:
Enterprise Risk Management — Integrating with Strategy and Performance. This new document builds on its predecessor,
Enterprise Risk Management — Integrated Framework, one of the most widely recognized and applied risk management frameworks in the world. The updated edition is designed to help organizations create, preserve, and realize value while improving their approach to managing risk.
News Release
April 7, 2017
COSO and WBCSD Sign Memorandum of Understanding
Recognizing the benefits of mutual cooperation to their respective members and for business in general, The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the World Business Council for Sustainable Development (WBCSD) recently completed a Memorandum of Understanding (MoU) aimed at working together to help businesses identify and prioritize issues related to sustainability and enterprise risk management.
News Release
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March 13, 2017
COSO
Updated
ERM
Framework to be Issued Mid-2017
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is completing its evaluation of public exposure comments regarding an update to the 2004
Enterprise Risk Management — Integrated Framework, one of the most widely recognized and applied risk management frameworks in the world. The exposure draft received more than 40,000 views from individuals and organizations around the world. Those comments have been carefully reviewed by project lead PricewaterhouseCoopers, in collaboration with the COSO board of directors and its advisory council comprising representatives from industry, academia, government agencies and not-for-profit organizations. The updated
Framework is expected to be released in mid-2017.
News Release
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| December 9, 2016
COSO Internal Control Certificate Program Expands to On-Demand Access
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announces launch of a self-study, on-demand learning program toward earning the COSO Internal Control Certificate. The program is being offered by The Institute of Internal Auditors (IIA) and the American Institute of CPAs (AICPA). The Institute of Management Accountants (IMA) plans to offer the course in January. The on-demand learning program is geared to internal auditors, accountants, and other financial professionals, allowing candidates to demonstrate expertise in designing, implementing, and monitoring a system of internal control using COSO’s updated 2013
Internal Control — Integrated Framework.
News Release
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October 1, 2016
Comment Period for COSO ERM
Framework Update Closed
COSO has concluded its call for public comment to the proposed update to its ERM Framework:
Enterprise Risk Management — Aligning Risk with Strategy and Performance. Written comments submitted to date will become part of the public record and will be available on the COSO ERM website through Dec. 15, 2016.
News Release
Draft Executive Summary
Exposure Draft
FAQs |
September 29, 2016
COSO Releases Fraud Risk Management Guide The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announces the release of the
Fraud Risk Management Guide, a new research report that offers a blueprint for helping organizations to establish an overall fraud risk-management program. The Association of Certified Fraud Examiners (ACFE) is a co-sponsor of the project.
News Release
Executive Summary
Purchase the Guide
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| September 12, 2016
Deadline for Comments to ERM
Framework Update Approaches COSO is continuing a call for public comment to the proposed update for its
Enterprise Risk Management
— Integrated Framework. Unveiled June 14th,
Enterprise Risk Management — Aligning Risk with Strategy and Performance is designed to address the evolving needs of all organizations to improve their approach to managing new and existing risks as a way to help create, preserve, sustain and realize value. The comment period will end September 30th.
News Release |
June 14, 2016
ERM
Framework Update Exposure Period Now Open The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has unveiled an update to its
Enterprise Risk Management
— Integrated Framework and is seeking public comment of the proposal, from June 15 through Sept. 30. The update,
Enterprise Risk Management — Aligning Risk with Strategy and Performance, is designed to address the needs of all organizations to improve their approach to managing new and existing risks as a way to help create, preserve, sustain, and realize value.
News Release |
May 17, 2016 Academic Discount Offered on COSO
Internal Control — Integrated Framework Faculty and students at post-secondary academic institutions now have an option for low-cost, online access to one of the world’s most widely used frameworks for designing and implementing internal control programs, the COSO
Internal Control — Integrated Framework (2013). In a joint initiative, The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the American Accounting Association (AAA) are making the framework and associated compendium bundle available for a $250 annual institutional fee. The AAA, one of the COSO’s five sponsoring organizations, will provide direct services to participating accounting and business departments through its Academic Access program.
News Release |
December 16, 2015
COSO Sponsors Offer New COSO Internal Control Certificate The Committee of Sponsoring Organizations of the Treadway Commission (COSO) today announced an Internal Control Certificate Program that offers financial professionals, including internal auditors and CPAs, the opportunity to earn a professional certificate in the 2013 COSO
Internal Control — Integrated Framework. The program is a combination of self-paced learning and a hands-on workshop, followed by an online examination. Upon successful completion of all three components, candidates will receive an official COSO certificate that demonstrates their ability to design and implement an effective system of internal control utilizing the
COSO Internal Control — Integrated Framework.
News Release
Course Locations and Dates |
July 7, 2015
COSO Releases Thought Leadership Paper In
Leveraging COSO Across the Three Lines of Defense, authors Douglas J. Anderson and Gina Eubanks make a strong case for using the Three Lines of Defense Model, which addresses how specific duties related to risk and control should be assigned and coordinated.
News Release
Thought Leadership |
February 9, 2015
COSO Names Advisory Group for
Enterprise Risk Management
— Integrated Framework Update The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced the appointed group of advisors and observers for the project to review and update the 2004
Enterprise Risk Management — Integrated Framework (Framework). The group is made up of representatives from leading professional service, technological, legal, academic and public organizations.
News Release
Advisory Board Members |
January 14, 2015
COSO Releases Thought Leadership Paper The Committee of Sponsoring Organizations of the Treadway Commission (COSO) today announced the release of
COSO in the Cyber Age, a thought leadership paper that provides direction on how the
Internal Control — Integrated Framework (2013) and the
Enterprise Risk Management — Integrated Framework (2004) can help organizations effectively and efficiently evaluate and manage cyber risks.
News Release
Thought Leadership |
January 6, 2015
COSO Expands Global Reach The Committee of Sponsoring Organizations of the Treadway Commission (COSO) today announced its 2013
Internal Control — Integrated Framework has been translated into Russian. The
Framework is now available in eight languages.
News Release |
November 5, 2014
COSO Online Survey Goes Live for
Enterprise Risk Management
— Integrated Framework Update The Committee of Sponsoring Organizations of the Treadway Commission (COSO) today launched an online survey for its current project to review and update the 2004
Enterprise Risk Management – Integrated Framework (Framework). The survey, created by the PricewaterhouseCoopers (PwC) project team, seeks input and feedback from interested parties and is designed to capture views and insights regarding the current Framework and to collect suggestions for improvements. The
Framework, originally published in 2004, is a widely accepted framework used by management to enhance an organization’s ability to manage uncertainty and to consider how much risk to accept as it strives to increase stakeholder value.
Learn More |
October 21, 2014
COSO Announces Project to Update
Enterprise Risk Management
— Integrated Framework The Committee of Sponsoring Organizations of the Treadway Commission (COSO) today announced a project to review and update the 2004
Enterprise Risk Management — Integrated Framework (Framework). The
Framework, originally published in 2004, is a widely accepted framework used by management to enhance an organization’s ability to manage uncertainty and to consider how much risk to accept as it strives to increase stakeholder value.
Learn More |
February 10, 2014
COSO Releases New Thought Leader Paper Demonstrating How Frameworks Improve Organizational Performance and Governance The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced today the release of a new thought paper, Improving Organizational Performance and Governance: How the COSO Frameworks Can Help, developed to illustrate how the enterprise risk management (ERM) and internal control frameworks can contribute to enhancing organizational performance and governance for sustainable success.
News Release
Thought Paper |
June 25, 2013
Managing Sustainability Risks the Focus of COSO’s Latest Thought Leadership In response to today’s highly competitive markets and the growing number of organizations integrating sustainability into their business operations, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and Ernst & Young LLP (EY) have published a new thought paper titled
Demystifying Sustainability Risk: Integrating the Triple Bottom Line into an Enterprise Risk Management Program. The thought paper leverages COSO’s
Enterprise Risk Management — Integrated Framework to offer insight on how organizations can develop interrelated strategies and objectives across the enterprise that create a strong context for risk consideration, and references.
News Release
Thought Paper |
June 6, 2013
Article Discusses Transition to 2013
Internal Control — Integrated Framework for Sarbanes-Oxley Section 404 Compliance COSO has issued an article aimed at assisting public companies comply with Section 404 of the U.S. Sarbanes-Oxley Act of 2002. The article outlines an example of one approach to transitioning to COSO’s 2013
Internal Control — Integrated Framework (Framework) from the original
Framework published in 1992.
News Release
Article |
June 3, 2013
Leading Risk Management and Internal Control Professional Robert Hirth Named New Chairman of COSO COSO has named Robert B. Hirth Jr. as its new Chairman for a three-year term effective today. A prolific thought leader, renowned risk management and internal control professional, Hirth was selected for this position after a four-month extensive search. Hirth succeeds David L. Landsittel, CPA, who has served as COSO chairman since 2009.
News Release
Bob Hirth Bio
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May 14, 2013
2013
Internal Control — Integrated Framework Released COSO has issued the 2013
Internal Control — Integrated Framework (Framework). The
Framework published in 1992 is recognized as the leading guidance for designing, implementing and conducting internal control and assessing its effectiveness. The 2013
Framework is expected to help organizations design and implement internal control in light of many changes in business and operating environments since the issuance of the original
Framework, broaden the application of internal control in addressing operations and reporting objectives, and clarify the requirements for determining what constitutes effective internal control. COSO has also issued Illustrative Tools for Assessing Effectiveness of a System of Internal Control and the
Internal Control over External Financial Reporting (ICEFR): A Compendium of Approaches and Examples. The
Illustrative Tools are expected to assist users when assessing whether a system of internal control meets the requirements set forth in the updated
Framework. The
ICEFR Compendium is particularly relevant to those who prepare financial statements for external purposes based upon requirements set forth in the updated
Framework.
News Release
Executive Summary
FAQs
 PowerPoint Slides
Purchase Framework and Tools |
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