COSO


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Related to COSO: COBIT

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 ?
With the advent of this set of regulatory challenges, enterprises were compelled to use COSO for their financial framework.
Purcell, who chaired FEI's Working Group on COSO and served on COSO's advisory task force that oversaw development of the updated framework, said, "I think COSO largely achieved their goal," with the update to the 1992 framework being an opportunity to review controls and make improvements.
Principle 11 of the newly updated COSO framework contains specific guidance that organizations can use to make sure the appropriate IT controls are present and functioning.
COSO, ISB and now ISO 31000 seem to be working in a similar space.
8220;It will be interesting to hear each panelist's perspective on the new COSO framework and its potential impact on companies' financial operations and IT systems.
With the support of Coopers & Lybrand as the project manager, COSO published the Internal Control--Integrated Framework in 1992.
Lord & Benoit set out to see if the new COSO guidance would truly be more efficient and practical for smaller public companies.
He comes to College of the Canyons from Cerro Coso Community College in Ridgecrest, Calif.
However, as useful as the COSO framework is, it represents only a start for most companies.
Cerro Coso is a California community college that offers 25 associate in science and associate in arts degrees.
Regarding an organization's internal framework, COBIT focuses on the SEC's mandated COSO internal control framework, established in 1985 by the National Commission on Fraudulent Financial Reporting.
COSO was formed in 1985 by five professional associations, including the American Institute of Certified Public Accountants and the Institute of Internal Auditors, to sponsor a study of the causal factors that can lead to fraudulent financial reporting and to develop recommendations for public companies, auditors, the SEC, and other regulators.