Internationally Recognized Internal Control Framework
Internationally recognized internal control is a meticulously designed system to ensure an organization can reasonably achieve its objectives. The preeminent model for such a system is the Committee of Sponsoring Organizations (COSO) internal control framework.
This model is geared towards guaranteeing the alignment of business practices and institutional actions with relevant legislation, enhancing the reliability of financial and managerial reporting, optimizing the effectiveness and efficiency of operations, and safeguarding assets.
Developed by COSO, the internal control system comprises key components, including the control environment, risk management, control activities, information and communication, and monitoring. This comprehensive model is widely acknowledged as a reference standard by esteemed international bodies such as the International Association of Supreme Audit Institutions (INTOSAI), the European Commission, and similar international organizations.
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