Client Alert: Implementation of New Framework for Evaluation of Internal Control over Financial Reporting
Monday, February 9, 2015
The Wyrick Robbins Banking & Financial Institutions practice grouphas issued a client alert for its SEC-reporting bank holding company clients which will be of interest to reporting companies in other industries as well. The alert (link above) discusses how a company might approach preparations for its 2015 Form 10-K given the end of the transition period (in December 2014) between an old and new framework used to evaluate the effectiveness of a company's internal control over financial reporting. SEC-reporting companies are required in their annual reports to identify the established procedural framework they used to make such an evaluation. A widely-used framework, published by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in 1992, was updated in 2013.