Small Business Shared Interest Group

  • 1.  COSO Corporate Governance Framework - Public Comment Period

    Posted 22 days ago

    I'm the IMA's Board Member of COSO, and I'd like to ask all members of this forum to take a look at the new COSO Corporate Governance Framework which is now published for exposure and public comment.  I want to encourage everyone to take a good look at this Corporate Governance Framework and give COSO your thoughts on what works, what doesn't, what may be missing, what more may be needed.  Thank you!!!!

    Exposure draft with survey link (at the bottom of the page): https://www.coso.org/corporate-governance-framework-exposure

    Survey Link:  https://goldmantrial.qualtrics.com/jfe/form/SV_cD2PqeUslGj3iFU

    Quick Overview:  The Committee of Sponsoring Organizations of the Treadway Commission (COSO), in collaboration with the National Association of Corporate Directors (NACD), has released an exposure draft of the Corporate Governance Framework (CGF) and is inviting public comment beginning May 27, 2025.

    In May 2024, PwC was selected by COSO as the lead author to develop a comprehensive corporate governance framework, which provides principles-based guidance for organizations to establish and strengthen governance practices, starting in the boardroom and cascading throughout the enterprise.

    The Corporate Governance Framework is designed to complement and align with COSO's Internal Control (IC) and Enterprise Risk Management (ERM) frameworks. It incorporates global leading practices to help organizations enhance governance effectiveness, manage risks proactively, and create long-term value.



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    Larry White CMA,CFM,CSCA
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  • 2.  RE: COSO Corporate Governance Framework - Public Comment Period

    Posted 18 days ago

    @Larry White @J. Stephen McNally

    Larry,

    Thank you for posing this. It is a great opportunity to contribute to the thought process and put some light on yourself to those that would like to pitch in.

    For those less familiar: COSO stands for the Committee of Sponsoring Organizations of the Treadway Commission. It was formed in 1985 by five major professional organizations, including the Institute of Management Accountants (IMA), which plays a key role in shaping COSO's thought leadership and direction. COSO’s mission is to provide frameworks and guidance to help organizations improve performance and governance, and to reduce the extent of fraud.

    COSO is best known for its three core frameworks:

    • Internal Control–Integrated Framework (2013, updated from 1992) – the global standard for designing, implementing, and assessing internal controls.

    • Enterprise Risk Management–Integrating with Strategy and Performance (2017) – aligning risk with strategy and value creation.

    • Fraud Risk Management Guide – practical guidance to help prevent and detect fraud.

    Now, with the new Corporate Governance Framework (CGF) exposure draft, COSO is extending its impact further - bringing principles-based, globally informed guidance to strengthen governance from the boardroom down. I encourage all to review and comment.



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    Ilya Ilienko, dual MBA, CPA, CMA
    Board Member / Director
    East Coast - United States
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  • 3.  RE: COSO Corporate Governance Framework - Public Comment Period

    Posted 17 days ago

    Thank you, Ilya, for the additional information on COSO, and your recommendation to review these documents.

    While this framework was geared toward Public Companies (you will see that explained in the document), it is meant to be useful for all organizations.  Application guidance for this Framework will be published after the Framework.  In the application guidance document (or documents), it will be possible to more deeply address the application of this guidance to smaller companies.    I encourage you to submit your comments and identify your concerns as smaller businesses.  The documentation of these concerns is the key to current and future COSO guidance and projects.



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    Larry White CMA,CFM,CSCA
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    Original Message


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