International President: COSO framework available for public exposure

As the representative for ISACA on the COSO Advisory Council, I have been impressed with the amount of research, thought, insight and care that has transpired leading up to the recent availability of the public exposure draft of the updated Internal Control—Integrated Framework. Developed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) along with PricewaterhouseCoopers, the refreshed framework addresses the continually evolving global business and operating environments.

With an eye toward helping organizations improve performance, the proposed update will help organizations ensure that they have effective systems of internal control that address the changing needs of our incredibly complex and forward-thinking business marketplace. Designed to be applicable by organizations in all industries and of all sizes and with varied cultures and goals, the framework retains its core strengths, but enhances its internal control concepts.

This is a major movement forward in our field and I encourage all ISACA members to review and comment on the exposure draft of the framework. The comment period ends on 31 March 2012, and the draft will be revised as appropriate, based on the responses received. COSO plans on releasing the final framework in the third quarter of 2012. Although in the past it might have been viewed as a US-centric document, one of the goals of COSO with the exposure draft is to make it more globally applicable.

We all have individual experiences and viewpoints, and by sharing them within a greater pool of like-minded professionals, we end up with a sum that is much greater than its parts. The same goes for the COBIT 5 exposure draft that was available for public comment earlier this year. We received excellent thought-provoking comments and practical insight from professionals around the world during that time. The excitement is now building for the release of the final materials in the second quarter of 2012, and we look forward to its continual review and improvement.

Ken Vander Wal, CISA, CPA

International President, ISACA and the IT Governance Institute