Revised COSO Internal Control – Integrated Framework

The Committee of Sponsoring Organizations (COSO) issued its original framework in 1992, and it has been used as guide since then to develop internal controls in all industries. This framework has been revised and was effective December 15, 2014. The purpose of the revision was to address the many aspects of business that have changed and the significant amount of complexity that has been added since 1992. Some of the key changes to the framework involve areas such as significance of the information technology, enhanced governance controls, business controls addressing fraud directly, and the role of a company when outsourcing responsibility to a third party.

We recommend that you review the revised COSO framework and compare the revised internal control framework to your own company’s internal control structure. Specifically within the insurance industry, we believe the review of the COSO framework can assist when modifying and updating your Enterprise Risk Management Plan, planning for compliance with the Corporate Governance Annual Filing Model Act, and when preparing for your next risk focused examination by the Insurance Department.

Our Property & Casualty (P&C) Insurance Group is available if you have any questions or concerns about this industry update. As an A.M. Best Ranked practice, the BSSF P&C Insurance Group is one of the largest in the Mid-Atlantic region to service the industry.


Hank J. Straub, CPA


Hank is a Principal and Treasurer with Brown Schultz Sheridan & Fritz specializing in accounting and audits of property and casualty insurance companies. His expertise in the insurance practice extends beyond the Central PA region of Harrisburg, Lancaster, and York. Hank and his team serve clients in the Mid-Atlantic Region, with a focus in Pennsylvania, New Jersey, Maryland, Delaware, Virginia, and New York.