INTERNAL CONTROL – INTEGRATED FRAMEWORK …

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Office of INTERNAL AuditingDecember 1999Summary of COSO INTEGRATED FrameworkPage 1INTERNAL CONTROL INTEGRATED FRAMEWORK (Excerpted from the executive summary of the Report Issued by The Committee of Sponsoring Organizations of the Treadway Commission, 1992)PurposeThe COSO (Committee of Sponsoring Organizations) Report defines INTERNAL CONTROL , describes its components, and provides criteria against whichcontrol systems can be CONTROL is a process, effected by an entity s board of directors, management, and other personnel, designed to provide reasonable assuranceregarding achievement of objectives in the following categories: Effectiveness and efficiency of operations, Reliability of financial reporting, and Compliance with applicable laws and of the Report1. Establish a common definition of INTERNAL CONTROL that serves many different parties, and2. Provide a standard against which organizations can assess their CONTROL systems and determine how to improve ElementsThe INTERNAL CONTROL system consists of five inter-related components:1.

Office of Internal Auditing December 1999 Summary of COSO Integrated Framework Page 1 INTERNAL CONTROL – INTEGRATED FRAMEWORK (Excerpted from the Executive Summary of the Report Issued by

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