Internal Control - Integrated Framework
A landmark report issued in 1992 by the *Committee of Sponsoring Organizations of the Treadway Commission (COSO). Commonly known as the COSO Report, it sets out (in its own words) "a standard against which businesses and other entities... can assess their control systems and determine how to improve them." The COSO model portrays *internal control as a process effected by an entity’s senior management to provide reasonable *assurance on the achievement of objectives in three areas: (i) the *effectiveness and *efficiency of operations, (ii) the reliability of *financial reporting, and (iii) *compliance with applicable laws and regulations. The report also states that effective internal control consists of five interrelated components: (i) the control environment, (ii) *risk assessment, (iii) control activities, (iv) information and communication, and (v) *monitoring. The COSO control model continues to exert immense influence on internal auditing and *corporate governance around the world. An executive summary of the report is available from the COSO Web site. Further reading: Applegate and Wills (1999); COSO (1992); Root (1998) Web link: www.coso.org

Auditor's dictionary. 2014.

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