COSO 1992 Framework

The COSO 1992 Framework is a model designed to help organizations manage risks and improve internal controls. It focuses on five key components: control environment, risk assessment, control activities, information and communication, and monitoring. Together, these elements aim to ensure the effectiveness and efficiency of operations, reliability of financial reporting, and compliance with laws. Essentially, it serves as a guide for organizations to create a comprehensive system that safeguards assets, enhances performance, and supports strategic objectives, fostering accountability and transparency in their processes.