COSO

COSO, or the Committee of Sponsoring Organizations of the Treadway Commission, is an initiative established to improve organizational performance and governance. It provides a framework for companies to enhance their internal controls, manage risks, and ensure effective operations. The COSO framework outlines five key components: control environment, risk assessment, control activities, information and communication, and monitoring. By implementing these standards, organizations can better safeguard their assets, ensure reliable financial reporting, and promote compliance with laws and regulations, ultimately leading to improved overall efficiency and accountability.