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  • Edith Orenstein

    COSO Receives Over 90 Comment Letters on ED Updating Internal Control Framework

    The Committee of Sponsoring Organizations of the Treadway Commission (COSO), author of the 1992 Internal Control-Integrated Framework, has received over 90 comment letters on its Exposure Draft released for public comment in Dec. 2011 (the subject of the initial post in this thread), on which the comment deadline was March 31, 2012. Various views can be found in the comment letters, including various suggestions for improvements to the ED, as COSO moves toward issuing its finalized update.

    In his comment above, Bob Jensen noted an article appearing in the AICPA JofA about the AICPA's comment letter on COSO's ED.

    You can read about FEI's comment letter, find links to the ED and all the comment letters, and links to more resources and updates relating to the ED, in the FEI blog here: http://www.financialexecutives.org/KenticoCMS/FEI_Blogs/Financial-Reporting-Blog/March-2012/Comments-Coming-Into-COSO-on-Internal-Control-ED.aspx

    For updates from the FEI blog on this and other accounting/financial reporting matters in the standard-setting sphere, please send an email to blogs@financialexecutives.org and write in the subject line: Sign Me Up for the FEI Blog (AAA member).

  • Edith Orenstein

    Julia, thank you for your comment about the blog I write, it is actually the FEI Financial Reporting Blog, and can be viewed here: www.financialexecutives.org/blog. To sign up (free), send an email to blogs@financialexecutives.org and write in Subject line: Sign up. Thanks again for your comment.

  • Edith Orenstein

    I guess Second Life would fall under the category of Simple Augmented Reality (one of the six trends highlighted in the 2010 Horizon Report), or some may say Second Life, developed by Linden Lab, is a precursor to Simple Augmented Reality, but I thought I'd share a 4 minute video filmed in Second Life, produced by the Maryland Association of CPAs, which we believe to be 'the world's first music video about accounting, filmed in Second Life."

    Steven Zelin, "The Singing CPA," and I were co-musical directors, and the 'cast' performing in Second Life consisted of MACPA staff and some well-known accounting bloggers.

    Launched in time for Valentine's Day, the 'music video,' called "If I Were an Auditor," (song parody based on "If I Were a Carpenter") can be accessed via a link in the FEI blog

    Dave Albrecht and Tom Selling were among the avatars in the production, along with other accounting bloggers.

    Putting on what amounts to a 3-minute 'music video' in Second Life, I have a feeling, is more complex than conducting a lecture or interactive classroom experience in Second Life, since the 'music video' required some level of 'costuming' and more importantly 'choreography' (albeit, largely improvised).

    But it was the first indepth exposure to Second Life for some of the participants, and probably for many of our blog readers as well. I welcome any comments on the video or the use of Second Life, either here thru commenting on AAACommons, directly in our blog, or via email. Thank you.