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COSO Internal Control Framework Guide

The document discusses the COSO internal control framework, which defines internal controls as processes implemented by management to reasonably ensure reliable financial reporting, compliance with laws and regulations, and effective and efficient operations. It outlines the COSO framework's five elements - control environment, risk assessment, control activities, information and communication, and monitoring. The document also provides background on internal control standards and events leading to the establishment of the Treadway Commission.

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dina burhan
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192 views1 page

COSO Internal Control Framework Guide

The document discusses the COSO internal control framework, which defines internal controls as processes implemented by management to reasonably ensure reliable financial reporting, compliance with laws and regulations, and effective and efficient operations. It outlines the COSO framework's five elements - control environment, risk assessment, control activities, information and communication, and monitoring. The document also provides background on internal control standards and events leading to the establishment of the Treadway Commission.

Uploaded by

dina burhan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Internal Control Framework:

The COSO Standard


Importance of Effective
Internal Audit CBOK Needs Internal Controls
All internal auditors should understand this
1 Internal controls are processes,
three-dimensional approach to looking at and implemented by management, that are
evaluating internal controls. designed to provide reasonable assurance

Other Dimensions of the COSO


6 2 Internal Control Standards:
Internal Controls Framework Internal Background
Reliability of financial reporting, Compliance • Internal Control Definitions: Foreign
with applicable laws and regulations, Control Corrupt Practices Act of 1977
Effectiveness and efficiency of operations. • FCPA Aftermath

COSO Internal Control 5 3 Events Leading to the


Framework Treadway Commission
The COSO internal controls framework
elements or components in greater detail:
4 • Earlier AICPA Standards: SAS No. 55

• Treadway Committee Report


Control Environment, Risk Assessment,
Control Activities, Communications and
Information, and Monitoring

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