COSO –The Committee of Sponsoring Organizations–came to town again, and in a wide-ranging and authoritative conference “The Revised COSO Framework and Its Impact on your Organization.” The COSO Roundtable was designed to bring senior-level executives together in a dynamic, moderated forum. This COSO event was an opportunity for executives to participate in a discussion about challenges their companies may face in dealing with the revised COSO Internal Control Framework.
The Wednesday, July 31, 2013 panel discussion, held at the University of Chicago Booth School of Business Gleacher Center, was jointly sponsored by DePaul’s Driehaus College of Business, COSO, and global internal audit and business risk consulting firm Protiviti.
Speakers included newly-elected COSO chairman Bob Hirth; Stephen Soske, COSO revision project lead partner, PricewaterhouseCoopers; previous COSO chairman David Landsittel and DePaul’s Ray Whittington, dean of Kellstadt Graduate School of Business. Opening remarks were made by L&Q Professor Mark Frigo, director of the Center for Strategy, Execution and Valuation in our Kellstadt Graduate School of Business.
Whittington moderated the panel and a very active Q&A session with the audience. Landsittel described the background to COSO’s creation and reiterated the idea that the 2013 Framework is an update of the 1992 Framework, which takes the concepts from the original framework and clarifies them into a set of principles while making the old framework more applicable to the current business environment. PwC’s Soske described the actual revision process and key decisions made by the authoring team. Hirth emphasized the notion that COSO is a suitable framework for entities of all types–public, private, governmental and not-for-profit.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a joint initiative of private sector organizations and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence.