Final answer:
The 1992 COSO framework was updated in 2013 to more effectively address technological advancements and changes in the business environment. The update was not due to a direct mandate from Congress or U.S. stock exchanges, but to ensure the framework remained relevant and effective for modern internal control requirements.
Step-by-step explanation:
The 2013 update to the original 1992 COSO - Integrated Control framework was primarily driven by the necessity to adapt to evolving business landscapes and technological advancements. Changes in the business environment, risk management practices, and the impact of information technology on information systems prompted the update. This revision aimed to ensure the framework's continued relevance and effectiveness in addressing new challenges posed by the modern business world.
Although not a direct trigger for the 2013 update, the Sarbanes-Oxley Act of 2002 responded to major accounting scandals by emphasizing the importance of robust internal controls. The COSO framework aligns with these objectives, aiming to provide a comprehensive structure for organizations to establish and enhance their internal control systems, contributing to increased transparency, reliability, and accountability in financial reporting and business operations.