Against this backdrop, COSO developed a conceptually sound control framework that has stood the test of time. Moreover, internal control evaluation at that time was relatively unsophisticated: Large public accounting firms maintained lists of controls for their auditors to check off, internal auditors struggled to address evolving client-server networks, and many of today's financial reporting regulations had yet to be written. Companies were just starting to connect through electronic data interchange, smartphones did not exist, the global financial crisis was still many years away, and China had not yet committed to a modified market economy. Back then, many of the developments in business and technology we take for granted today had not yet been realized. It's been more than 20 years since The Committee of Sponsoring Organizations of the Treadway Commission (COSO) began developing its landmark Internal Control-Integrated Framework.
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