Iti R12

20. The COSO framework of internal controls is practiced within companies around the world. The objectives of the COSO framework are closely related to its five components. For this assignment, please discuss these five components of the COSO framework. Be sure to include each components’ impact on each of the COSO framework objectives. What do you feel an auditor would most be concerned with during an IT audit? Lastly, discuss suggestions for integrating COSO framework compliance into a company in which you are familiar.

In 1985, the National Commission on False Financial Reporting demanded that COSO create a framework that would aid in its examination of the causes that caused fraud in financial reporting. The framework was created to assist in the control of financial risk and the improvement of internal controls as well as the improvement on external reports (Lehmann and Hao, 2020). In actual fact the title “Committee of Sponsoring Organisations in the Treadway commission,” frequently referred to by the name “COSO,” was changed from “National Commission on Fraudulent Reporting” at the time it was created (NCFR). The COSO framework is made up of the following elements of governance and culture performance, monitoring review, modification, and monitoring along with the development of a strategy and goal. This article will concentrate on the five components of COSO more in depth. Cont…