Internal Control Framework (COSO)

The COSO Internal Control Framework is a set of guidelines that organizations use to ensure their operations are effective, reliable, and compliant with laws. It helps companies safeguard assets, improve reporting accuracy, and respond to risks. The framework is built around five key components: control environment (ethics and integrity), risk assessment (identifying potential issues), control activities (policies and procedures), information and communication (sharing relevant info), and monitoring (regular reviews). Together, these elements create a system that promotes accountability and supports the organization’s overall goals.