Question

COSO framework and internal control:

Search online topic/resources related to COSO framework, write a brief explanation and understanding in your own words:

1) what is COSO

2) what are five components of the COSO framework

3) how they function together for an effective internal control​

Answer 1

Answer:

The COSO framework divides internal control objectives into three categories: operations, reporting and compliance. Operations objectives, such as performance goals and securing the organization's assets against fraud, focus on the effectiveness and efficiency of your business operations