The Committee of Sponsoring Organizations’ (COSO) Internal Control—Integrated Framework (framework) is widely used by U.S. companies, both public and private, and not-for-profit entities. It provides a comprehensive, principles-based approach to understanding internal control.
The COSO framework defines internal control as "a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting and compliance."
It sets forth three categories of objectives:
Operations objectives pertain to