COSO


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COSO

(Committee Of Sponsoring Organizations of the Treadway Commission) An initiative of five accounting associations that provide guidance in risk and control, which enable good organizational governance and reduction of fraud. Founded in 1985, COSO sponsored the National Commission on Fraudulent Financial Reporting, which was chaired by James Treadway, Jr., former commissioner of the SEC. For more information, visit www.coso.org.

The COSO framework is widely used in auditing for compliance with the Sarbanes-Oxley Act (SOX) and Gramm-Leach-Bliley Act (GLBA). COSO's core elements of internal control are:

1 - Control environment
2 - Risk assessment
3 - Control activities
4 - Information & communication
5 - Monitoring
References in periodicals archive ?
COSO plans to release final versions of all three documents in late March.
Fitch expects Coso to operate close to or below breakeven levels on its debt obligations for the remainder of the debt tenor, with a debt service coverage ratio (DSCR) average of 0.
The guidance includes 20 fundamental principles of internal control directly from the Framework and related to each of the five COSO internal control components (see accompanying list).
CMA([R]), CPA, IMA's immediate former chair-emeritus and representative on the COSO Board, the Framework, and companion Compendium and Illustrative Tools are particularly useful for small- and medium-sized businesses.
Please join CoSo in learning how to successfully move Adobe Connect to the cloud.
As FEI's president, I have had the pleasure of attending COSO board meetings to share with the rest of the board your views on the organization's draft documents and potential future projects.
COSO says the new guidance was developed to clarify the monitoring component of internal control, not replace the guidance first issued in the COSO Framework or in COSO's 2006 Internal Control over Financial Reporting--Guidance for Smaller Public Companies.
The ED does not replace or modify the COSO framework.
NEW YORK -- Fitch Ratings has downgraded the rating on Coso Geothermal Power Holdings LLC's (CGP) $629 million ($523 million outstanding) pass through certificates due 2026 from 'B' to 'CCC'.
2, 2015 /PRNewswire/ -- ConnectSolutions (CoSo), the trusted private-cloud solutions provider for Microsoft Skype for Business and a Microsoft Gold Certified Partner, today announced CoSo Vice President of Skype Business Christopher Martini will be speaking on two panels at next week's ITExpo.
If you're a finance executive for a public or private company, you're likely familiar with the COSO internal-control framework.
Now COSO wants feedback on the document, particularly regarding the clarity and applicability of the guidance provided.