COSO framework development process

COSO framework project was conducted by PricewaterhouseCoopers (PwC). PwC obtained input from a broad range of executives; chief executive officers, chief financial officers, chief risk officers, controllers and internal auditors representing public and private companies of varying sizes and from different industries and government agencies.

Input was also obtained from legislators, regulators, external auditors, lawyers and academics. PwC received advice and counsel from an advisory board to the COSO board. Periodically, PwC, the advisory board and the COSO board would meet to discuss the project plan, progress, framework drafts and specific topics and issues germane to completing the framework.

As discussed in the framework, the project consisted of five phases;Assessment

• Envisioning
• Assessing
• Designing
• Preparation for Public Exposure
• Finalization

The document was exposed for a 90-day period and the framework was field tested with selected companies. Input was considered from both the comment period and the field tests. Published sources considered by the project team were listed in the framework. COSO framework was developed to enhace corporate governance.