The Ministry of Finance has signed a deal with the Committee of Sponsoring Organizations of the Treadway Commission to translate its new internal control framework into China and may encourage more Chinese companies to adopt it, COSO Chairman Robert Hirth said on Monday.
COSO in May released revisions and updates to its 1992 Internal Control?- Integrated Framework document, with an aim to increase its relevance in the increasingly complex and global business environment so organizations worldwide can better design, implement, and assess internal control.
By the end of 2014, all Chinese companies listed in the United States should adopt the new framework, Hirth said.
The framework, according to Hirth, will provide organizations significant benefits such as increasing confidence and obtaining reliable information to support sound decision-making.
COSO is a joint initiative of five private sector organizations and is dedicated to providing leadership through the development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence.
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