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COSO Description - COSO Description In 1992 the Committee...

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COSO Description In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) developed a model for evaluating internal controls. This model has been adopted as the generally accepted framework for internal control and is widely recognized as the definitive standard against which organizations measure the effectiveness of their systems of internal control. The COSO model defines internal control as “a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance of the achievement of objectives in the following categories: Effectiveness and efficiency of operations Reliability of financial reporting Compliance with applicable laws and regulations” In an “effective” internal control system, the following five components work to support the achievement of an entity’s mission, strategies and related business objectives.
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  • Spring '12
  • Harrinson
  • Committee of Sponsoring Organizations of the Treadway Commission, Treadway commission, Committee of Sponsoring Organizations, Directors and Audit Committee

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