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Committee of Sponsoring Organizations of the Treadway Commission
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Committee of Sponsoring Organizations of the Treadway Commission (COSO), is a U.S. private-sector initiative, formed in 1985. Its major objective is to identify the factors that cause fraudulent financial reporting and to make recommendations to reduce its incidence. COSO has established a common definition of internal controls, standards, and criteria against which companies and organizations can assess their control systems.
COSO is sponsored and funded by 5 main professional accounting associations and institutes; American Institute of Certified Public Accountants (AICPA), American Accounting Association (AAA), Financial Executives International (FEI), The Institute of Internal Auditors (IIA) and The Institute of Management Accountants (IMA).
Contents [hide]
1 History
2 Key concepts of the COSO framework
3 Use of the Capability Maturity Model
4 COSO definition of internal control
5 COSO Internal Control Framework: the five components
6 COSO Enterprise Risk Management Framework: Now...
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