Beyond the importance of demonstrating to regulators, investors, and other stakeholders that the company has a robust system of internal controls in place, transitioning to COSO’s updated 2013 Internal Control Framework is also an important opportunity to “take a fresh look” at the internal control environment, and to emphasize its value to the business more broadly.
KPMG’s latest Quarterly Audit Committee Webcast—featuring KPMG Audit Principal Sharon Todd, and Jon Goode, GE’s Global Operational Controller—explored keys to transitioning to the updated COSO 2013 Framework: what’s changed (and what hasn’t), critical areas that may require particular attention, and key considerations for audit committees in monitoring management’s efforts and helping to ensure a timely and effective transition, including four key takeaways:
- COSO 2013 is an opportunity to take a fresh look at business processes and internal controls.
- The transition to COSO 2013 may require more time and resources than expected.
- Understand and monitor management’s transition process and timeline.
- Don’t rush the transition process.
A full replay and summary highlights of the webcast are posted at
KPMG.com/ACI.