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COSO, the Committee of Sponsoring Organizations, is comprised of five associations comprised of: American Institute of Certified Public Accountants, the National Association of Accountants, American Accounting Association, Institute of Internal Auditors, and Financial Executives International. These five groups specializing in risk management, advised the framework for internal control most recently overhauled in 2017.

The Five Components of COSO Internal Control are Risk Assessment, Control Activities, Information and Communication, Control Environment, and Monitoring Activities. By properly implementing an internal control system, businesses are able to properly analyze and determine risks, improve transparency, improve data, and allow access to more capital among other items.

The Three categories targeted by the COCO Framework are Operational Effectiveness and Efficiency, Financial Reporting Reliability, and Applicable Laws and Regulations Compliance. By establishing valuable internal control methods, a business can focus on completing its mission statement while satisfying external parties and their concerns about a businesses operations and self-discipline.

It is recommended that an internal team take on the responsibility of learning the framework prior to implementing it. Once the process has been initiated, its important to continually analyze for weaknesses, inform, and target the areas with the highest risk. As technology has continued to grow, its important to grow the tools necessary to properly manage the processes in place, especially in the world of Accounting where human error can lead to federal investigations. Removing more risk for human error and following the framework established by the COSO, businesses can work to eliminate higher risk areas and continuously evolve their processes.