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

1. Committee of Sponsoring Organizations of the Treadway Commission
2. The five components of COSO – control environment, risk assessment, information and communication, monitoring activities, and existing control activities – are often referred to by the acronym C.R.I.M.E.
3. The COSO Framework was designed to help businesses establish, assess and enhance their internal control. The importance of Internal Control in the Operations and Financial Reporting of an entity cannot be over-emphasized as the existence or the absence of the process determines the quality of output produced in the Financial Statements. A present and functioning Internal Control process provides the users with a “reasonable assurance” that the amounts presented in the Financial Statements are accurate and can be relied upon for informed decision making.

Explanation:

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