The Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently released its updated Internal Control – Integrated Framework (2013 Framework).
The changes made to update the 1992 Framework are evolutionary, not revolutionary.
The 2013 Framework takes into account changes in the business environment and operations over the last 20 years.
The 2013 Framework retains the definition of internal control and the COSO cube, including the five components of internal control: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring Activities.
Download the document here: COSO-Defining-Issues-O-1305-26