Running Head: INTEGRATION OF COSO FRAMEWORK
Integration of COSO Framework
INTEGRATION OF COSO FRAMEWORK
The Committee of Sponsoring Organizations of the Tread way Commission, well known
as COSO, is an organization initiated by five private sectors. It focuses on providing quality
leadership by developing guidance and framework on internal control, risk management as well
as fraud deterrence. It has established a joint internal system control through which companies
can use to evaluate their control structures. The five supporting private sector organizations in
COSO include; American Accounting Association, Financial Executive International Institute of
Management Accounts, Institute of Internal Auditors and American Institute of Certified Public
Accountants. The five organizations work together to enhance the development of cohesive
guidance concerning internal control (Chiu & Wang, 2019). This paper seeks to explain the five
key components of COSO found in the framework of COSO and how they can be integrated to
be utilized in a company.
Five components of COSO
In an operative control system, there must be control over the environment. This is the
essential component that involves the people, structure and disci...
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