Committee of Sponsoring Organizations of the Treadway Commission Main Objectives

Committee of Sponsoring Organizations  was formed in 1985. COSO is a framework that guides the managers and those who are responsible about risk management, internal controls and fraud deterrence. Main objectives of COSO are discussed below.

  1. Control environment: These represent procedures, manuals and policies and internal controls required for day to day operations.
  2. Risk Assessment: This refers to the process involved in early identification of risks and possible ways of managing risks.
  3. Control Activities: procedures required to ensuring management and those responsible are carrying out their work responsibilities and chances of errors or fraud or removed.
  4. Information: This represents all information required to communicate to employees that help them to carry out their work.
  5. Monitoring: This refers to overview of internal controls by management or third party for example audit committee.
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