W3J
COSO




COSO

COSO is the Committee of Sponsoring Organizations of the Treadway Commission (Treadway because the Chairman of the first Commission was James C. Treadway). This is basically a private-sector initiative with the objective of identifying the factors that cause fraudulent financial reporting, and then recommend steps to reduce the frequency thereof. It was established in 1985.

It is sponsored by 5 large accounting organizations: AICPA, FEI, AAA, IMA and IIA.

The COSO Framework comprises 5 components:
1) Control Environment
2) Risk Assessment
3) Control Activities
4) Information and Communication
5) Monitoring


 

 

W3J
W3J is a dedicated portal and archive for technical journals, documents and standards.

COSO
COSO itself defines itself thus: COSO is a voluntary private sector organization dedicated to improving the quality of financial reporting through business ethics, effective internal controls, and corporate governance.