Unfortunately, we are seeing many public companies not moving yet, which can be a red-flag to SEC staff if companies continue to use the 1992 Framework after the December deadline.
New York, NY (PRWEB) September 03, 2014
Candela Solutions today announced an intensive three-day program to lead public companies efforts in implementing COSO’s 2013 Internal Control – Integrated Framework. The Program is unique since it combines education on the new COSO 2013 Framework with initial design documentation, gap analysis, and development of an action plan tailored for the company’s current situation.
The onsite, three-day bundled package delivers the following: training; documentation exercises mapping to the required 17 principles; gap analysis to remediate weak entity-level control areas; building audit trail evidence; and development of a test plan. The Program can last four or five onsite days for larger public companies.
“It is imperative for public companies, especially those with fiscal years ending December 31, 2014, to act now since the COSO considers their 1992 Framework superseded by their 2013 Framework after December 15, 2014. For these companies, as well as companies with other fiscal year-ends, they should be well on their way towards transitioning to the new framework,” says Candela Solutions Managing Partner Ron Kral. “Unfortunately, we are seeing many public companies not moving yet, which can be a red-flag to SEC staff if companies continue to use the 1992 Framework after the December deadline.”
According to a survey completed on July 29th, 2014 by Candela Solutions, only 2% of companies polled had substantially completed their COSO 2013 transition project. Additional findings discovered that only 9% had tested the 17 principles for operating effectiveness. This slow implementation progress sparked Candela Solutions to offer the COSO 2013 Boot Camp Program to make the conversion to the new framework less painful for public companies.
Amy Borun, a Partner of Candela Solutions adds, “We are finding a lot of interest with this offering since it goes well beyond education to include working side-by-side with public companies on-site to map existing documentation to the new framework leveraging our tools, which have proven to be accepted by external auditors without exception. This is an easy way for companies to get a grasp on transitioning to the 2013 COSO Framework for a modest fixed-fee, thus enabling management to stay focused on other priorities.”
Candela Solutions welcomes further inquires on their COSO 2013 Framework Boot Camp Program on their website, or by emailing COSOtraining@CandelaSolutions.com. The Program’s intent is to deliver results and piece of mind so companies can best reach their operational, reporting, and compliance objectives.
Kral adds, “What makes this Program unique is the combining of education, advisory services, and execution to help management conclude if the five components and seventeen principles of the new Framework are present and functioning. We work through both design and operating effectiveness matters using the company’s live information to advance their understanding and transitioning efforts in a cost-efficient manner.”
About Candela Solutions LLC
Candela Solutions is a specialized public accounting firm founded in 2003 in response to a growing influx of regulatory and disclosures challenges. Our focus is on governance, risks, controls and compliance matters for public companies. Education, advisory, support, and internal assurance services are provided by qualified personnel throughout the United States. Candela Solutions LLC is also registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education. For more information, call +1.702.565.2727, or visit http://www.candelasolutions.com.