The New COSO: Small Associations May See the Most Benefit

The New COSO: Small Associations May See the Most Benefit

By: Catherine M. Pennington

The updated COSO Internal Control—Integrated Framework offers small nonprofits clearer guidance for their internal reporting objectives, enabling them to better manage risk and reduce fraud. Here's a look at how a small association can adopt the new recommended practices.

In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) introduced Internal ControlIntegrated Framework. This report changed the way organizations of all sizes looked at themselves and has heavily influenced the design of their internal control systems. An update to the Framework was issued in 2013 and provides even more guidance on the assessment and development of internal controls....