What is COSO?
"Comprising the professional associations listed below, the Committee of Sponsoring Organizations (COSO) is a voluntary private-sector organization.
COSO is dedicated to guiding executive management and governance entities toward the establishment of more effective, efficient, and ethical business operations on a global basis. It sponsors and disseminates frameworks and guidance based on in-depth research, analysis, and best practices" as detailed from the COSO website.
Learn more from the COSO website here.
What is the Intergrated Framework?
"Senior executives have long sought ways to better control the enterprises they run. Internal controls are put in place to keep the company on course toward profitability goals and achievement of its mission, and to minimize surprises along the way. They enable management to deal with rapidly changing economic and competitive environments, shifting customer demands and priorities, and restructuring for future growth. Internal controls promote efficiency, reduce risk of asset loss, and help ensure the reliability of financial statements and compliance with laws and regulations.
Because internal control serves many important purposes, there are increasing calls for better internal control systems and report cards on them. Internal control is looked upon more and more as a solution to a variety of potential problems." Learn more about the Integrated Framework from the COSO website below.
Internal Control - Integrated Framework