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COSO Framework (5 Components of COSO (Control Environment (Demonstrates…
COSO Framework
5 Components of COSO
Control Environment
- Demonstrates commitment to integrity and ethical values
- Exercises oversight responsibility
- Establishes structure, authority and responsibility
- Demonstrates commitment to competence
- Enforces accountability
Risk Assessment
- Specifies suitable objectives
- Identifies and analyzes risk
- Assesses fraud risk
- Identifies and analyzes significant change
Control Activities
- Selects and develops control activities
- Selects and develops general controls over technology
- Deploys through policies and procedures
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Monitoring Activities
- Conducts ongoing and/or separate evaluations
- Evaluates and communicates deficiencies
What is COSO Framework
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an integrated framework for internal control which, when implemented, can provide a baseline to establish a control structure.
COSO identifies five components of control that need to be in place and integrated into the organization’s operations
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COSO 1992 vs 2013
1992
The most widely adopted internal control framework since the passage of the Sarbanes-Oxley Act of 1992 (SOX)
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2013
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Requires control evidence over
all three slides of the cube: Operations, Reporting & Compliance
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