Companies with passionate views about the COSO Internal Control Integrated Framework have an opportunity to contribute to the upcoming rewrite of the framework.

Developed by the Committee of Sponsoring Organizations of the Treadway Commission in 1992, the COSO framework is the most widely accepted basis for establishing an internal control structure that meets the requirements of the Sarbanes-Oxley Act. COSO plans to take a fresh look at the framework in light of significant changes in the business and regulatory environment over the past two decades to see where it may need some updating.

To kick off the process, COSO has launched an online survey to get input from a wide variety of stakeholders. COSO is looking for views on what is still relevant in the framework, what is currently missing, and what needs to be refreshed. When COSO announced its plans to update the framework, it indicated the process is not intended to alter or rethink the core principles of the framework but rather to renew dialogue about internal controls.

COSO anticipates certain concepts and guidance in the framework will be refined to reflect the evolution of the operating environment along with changed expectations of regulators and others with an interest in internal control. It also expects the enhancements to take into account more than just financial reporting needs, looking at operations and broader compliance objectives as well.

In addition to addressing more contemporary business complexities, COSO intends for the update to result in a framework that helps companies better assess, design, and manage their internal control. The enhanced framework is intended to provide more comprehensive, conceptual guidance with practical examples.

COSO says the survey should take 20 to 30 minutes to complete. The survey is available for completion through January. The final framework update is expected to be completed in 2012.