In a regulatory filing, 3M said that "in light of continuing challenging circumstances in Venezuela, including its unstable environment and heightened unrest that have led to a sustained lack of demand, and our expectation that these circumstances will continue for the foreseeable future," the company has concluded that it no longer meets the criteria of control
to continue consolidating its Venezuelan operations, and therefore deconsolidated its Venezuelan subsidiary as of May 31.
It is time to accelerate the procedures for revising the framework while setting the criteria of political financing," said the representative of ATIDE, adding that "besides review,aACA[yen] it is important to establish the criteria of control
of these funds."
In Canada, the Canadian Institute of Chartered Accountants issued its criteria of control
board guidance, which has come to be known as CoCo.
These include Risk Management and Governance/Guidance on Control, published by CICA's Criteria of Control
Board (CoCo) and Internal Control--Integrated Framework, published by The Committee of Sponsoring Organizations of the Treadway Commission (commonly referred to as COSO).
The committee of sponsoring organizations (COSO) of the Treadway Commission and criteria of control
project of the Canadian Institute of Chartered Accountants models provide guidance on the design and assessment of control in achieving objectives.
Because I am most familiar with them and because other groups around the world have conceptually similar definitions, I will use the Committee of Sponsoring Organizations of the Treadway Commission definition of internal control (COSO 1992) supplemented by that of Criteria of Control
(CoCo, CICA 1995).(2) COSO defines internal control as:
Quality requirements are discussed in the control framework and criteria of control
defined by the Canadian Institute of Chartered Accountants' Criteria of Control
Board (CoCo) and published in 1995.