Last year, Audit Analytics and Protiviti reviewed the progress of public companies adopting the 2013 COSO Framework. Data gathered from 2015 annual reports shows that the implementation of COSO for audited ICFRs is almost complete: 96% of companies reviewed used the 2013 framework, in comparison to 82% for fiscal 2014. Only a small portion of companies obtaining an auditor’s assessment on their ICFRs continued to use the 1992 framework or did not disclose which framework they used.
It is just a matter of time before all companies use the revised framework in conjunction with their annual evaluations. In this prospective, Audit Analytics outlines the progress of companies adopting to the COSO framework.