Edith Orenstein's Member Blog

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  • Edith Orenstein
    COSO Publishes Exposure Draft Updating 1992 Internal Control...13
    blog entry posted December 21, 2011 by Edith Orenstein, tagged research, teaching 

    On Dec. 19, 2011 the Commitee of Sponsoring Organizations of the Treadway Commission, whose founding members are the AAA, AICPA, FEI, IIA and IMA, announced the release of an Exposure Draft updating COSO's 1992 Internal Control-Integrated Framework (IC-IF). Why should you care? Why should your students care?

    For the past 20 years, COSO's IC-IF has been the 'gold standard' as a principles-based framework for internal control, particularly internal control over financial reporting, as evidenced by the reference to COSO in the SEC's and PCAOB's rulemaking requiring management reports, and an auditor's report, on the effectiveness of internal control over financial reporting.

    Input from constituents of all five of COSO's sponsoring organizations, and other stakeholders, is highly sought to help make the resulting revision of COSO's general IC-IF, and the related Guidance on Internal Control over External Financial Reporting (ICEFR) - to be released as a separate Exposure Draft in the Spring of 2012, more practical, and more sensible from a theoretical/principles based focus as well.

    COSO's framework is a tool which students in the field of financial reporting and beyond should be familiar with as they enter the business world.

    The comment deadline on the Exposure Draft for the update to COSO's IC-IF is March 31, 2012. Read more about COSO's ED in the FEI FInancial Reporting Blog, and keep up with the latest developments by visiting COSO's website, www.coso.org."

    By the way, FEI recently launched a second blog, authored by Tom Thompson of our research affiliate, the Financial Executives Research Foundation (FERF). Learn more about the FERF research blog.

  • Edith Orenstein
    MTV Meets Accounting (FEI Blog's "Hey There Bob...1
    blog entry posted August 4, 2011 by Edith Orenstein, tagged research, teaching 

    Has complexity in accounting and financial reporting gotten better or worse, since the issuance 3 years ago (8/1/08) of the report and recommendations of the SEC Advisory Committee on Improvements to Financial Reporting (aka CIFIR or the Pozen Committee, for its chairman, Bob Pozen)? How does this impact teaching and students' (and potential PhD candidates) career choices? Watch the FEI Blog's music video - tribute to the Pozen Committee, 'Hey There Bob Pozen,' http://youtu.be/ssncwl3DAJc; read more in the related FEI Blog post: http://bit.ly/nYP409

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