Council Of Sponsoring Organizations Of Treadway Commission (COSO) Q2-2023

  • COSO Framework is made up of two integrated frameworks (updated in 2013);
  • Enterprise Risk Management (ERM)
  • Internal Control –Integrated framework-oldest framework 1992/Widely used
  • Internal control – has the following objectives
  • Operations – Effective and efficient use of its resources
  • Reporting – Reliability of reporting
  • Compliance – compliance with applicable laws and regulations
  • ERM – has the following objectives
    • Strategic – High-level goals, aligned with and supporting its mission
    • Operations – Effective and efficient use of its resources
    • Reporting – Reliability of reporting
    • Compliance – compliance with applicable laws and Regulations
    • In COSO will talked about Component, Principles and attribute (FISMA-we talked about Class, Families and control)
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