In May 2013 The Committee of Sponsoring Organizations (COSO) has presented the long awaited update of their international control framework. In the early nineties PwC was closely involved in the development of the original COSO framework and has also played a major role in the development of the new framework.
The COSO framework dates from 1992 and has been developed in response to a number of accounting scandals in the United States. The update of the framework originates in a period in which organization and their internal controls are once again under the magnifying glass. An improved internal control can support the creation of strategies and can also help the company in dealing with the unknown. By following the COSO framework directors and their management are coming along almost all issues they should have thought about In modern business.
If you’d like to discuss any of the issues raised in this publications, please contact Farouk de Windt at (+599 9) 430 0191 or Gerald Stacie at (+599 9) 430 0105.