Deloitte hosts round table on COSO

Deloitte Bermuda recently hosted a round table for senior financial leaders of Bermuda’s insurance industry on the new COSO Internal Control Framework guidance.

COSO is a joint initiative between organizations, including the American Accounting Association, which provides guidance on organizational governance, business ethics, internal control, enterprise risk management, fraud, and financial reporting. 

According to a press release, the round table focused on the new Framework’s proposed enhancements to key internal control concepts, and explored the impact of the 2013 COSO Framework on internal controls, challenges of applying the 2013 Framework, and potential gaps in meeting the principles under the 2013 Framework. 

The round table was hosted by Deloitte Bermuda principal Stephen Kuzyk. Jennifer Burns, who represents Deloitte on COSO’s Advisory Council (which helped develop the Framework) and Guarav Kumar, a Deloitte subject matter expert on COSO, spoke at the event. 

Jennifer and Guarav have delivered similar events worldwide to professionals across multiple industries.

Brett Henshilwood, director at Deloitte Bermuda, commented: “We are delighted to host this event for our Bermuda insurance leaders, who will be directly affected by the new COSO Framework. 

“This is the first time a COSO round table has been held in Bermuda and with many insurance companies looking to make the audit cycle more efficient in the future, this is an ideal time to discuss how the Framework will impact their companies and the Bermuda industry.”