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
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References in periodicals archive ?
With the advent of this set of regulatory challenges, enterprises were compelled to use COSO for their financial framework.
Relating the COSO Internal Control--Integrated Framework and COBIT
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.
COSO 2013: "dream team" shares implementation advice
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.
How to use COSO to assess IT controls: principle 11 in popular framework can help CPAs manage technology
COSO, ISB and now ISO 31000 seem to be working in a similar space.
Informed guidance
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.
Scott McKay of Cherry Bekaert LLP Named to Moderate NCTA's Emerging Tech & Trends Aug. 21 Event
With the support of Coopers & Lybrand as the project manager, COSO published the Internal Control--Integrated Framework in 1992.
Improving governance and internal control: an interview with COSO chairman David L. Landsittel
Lord & Benoit set out to see if the new COSO guidance would truly be more efficient and practical for smaller public companies.
COSO for Smaller Public Companies: the answer to SOX compliance?
He comes to College of the Canyons from Cerro Coso Community College in Ridgecrest, Calif.
College of the Canyons
However, as useful as the COSO framework is, it represents only a start for most companies.
Customizing ERM
Cerro Coso is a California community college that offers 25 associate in science and associate in arts degrees.
HERE IS A LIST OF SOME LOCAL UNIVERSITIES AND COLLEGES
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.
Sarbanes-Oxley: compliance meets technology
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.
COSO: the rise of the phoenix? For guidance on standards and systems of internal control, you may need to dig into a decade-old report

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