Internal Control Frameworks

An internal control framework is a system that organizations use to ensure their operations run smoothly, efficiently, and according to laws and regulations. It involves policies and procedures designed to protect assets, minimize risks, and improve accuracy in financial reporting. These frameworks help organizations detect errors or fraud, ensure compliance, and achieve their goals. Common examples include the COSO framework and the COBIT framework, which provide guidelines for establishing effective internal controls and governance in both private and public sectors. Overall, they promote accountability and transparency within an organization.