3_AUDIT_DB_CH - COSO 5 Components of Internal Control ACCT...

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COSO & 5 Components of Internal Control ACCT 644 DB 3 Dr. Hodge COSO started in 1985 to support the NCFFR- Treadway Commission- a private-sector initiative to inspect, analyze and recommend on deceitful financial reporting. The Treadway Commission was initially funded by 5 fiscal professional associations: Institute of Internal Auditors, the American Institute of Certified Public Accountants, American Accounting Association, and the Institute of Management Accountants and Financial Executives Institute. Furthermore COSO can be used at Bovar since it completed propositions for public companies and their internal auditors, the SEC and other regulators, and educational institutes. Also on May 2013, COSO disclosed its revisions and updates to the 1992 document Internal Control - Integrated Framework its objective was to intensify its significance in ever-changing global business atmosphere so that companies internationally could improve design, implement, and assess internal control. COSO has great confidence that its framework will provide companies substantial help; for instance,

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