COSO Framework consists of five components

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The COSO Framework consists of five components including, control environment, risk assessment, control activities, information and communication, and monitoring activities (COSO, 2023). The Framework provides information to guide organizations in better establishing and coordinating duties related to risk and control to help minimize gaps in control while eliminating duplication of assigned duties (Tysiac, 2015). The Framework provides distinct roles within the organization's governance framework such as senior management and the board of directors having ultimate responsibility to ensure governance, risk management, and control processes are effective and sharing information and coordinating activities to improve efficiency and ensure risks are addressed effectively (Tysiac, 2015). The Framework is a gold standard regarding internal control, oversight, and governance of information for internal and external uses as it incorporates a risk-based approach to design, assess, and report on internal controls (COSO, 2023).

Reference no: EM133827974

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