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COSO organizes its framework into five interrelated components, subdivided in 17 principles. COSO notes that in order for an effective system of internal control to reduce the risk of not achieving an entity's objectives, (i) each of the five components of internal control and relevant principles is present and functioning, and (ii) the five ...
This essentially requires control statements to be referenced to 17 "principles" beneath the five COSO "components." There are approximately 80 "points of focus" that can be evaluated specifically against the controls of the company, to form a conclusion about the 17 principles (i.e., each principle has several relevant points of focus).
The new control criteria were aligned with the 17 principles of COSO Internal Control—Integrated Framework. It included criteria to supplement COSO principle 12 by addressing controls for logical and physical access, system operations, change management, and risk mitigation. [17]
Organization of the Trust Services Criteria are aligned to the COSO framework's 17 principles with additional supplemental criteria organized into logical and physical access controls, system operations, change management and risk mitigation.
The Institute of Internal Auditors based its control self-assessment methodology on the Total Quality Management approaches of the 1990s as well as the COSO's framework. The methodology became part of the International Standards for Professional Practice of Internal Auditing and was adopted by a large number of major organisations. [16]
The COSO "Enterprise Risk Management-Integrated Framework" published in 2004 (New edition COSO ERM 2017 is not Mentioned and the 2004 version is outdated) defines ERM as a "…process, effected by an entity's board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify ...
COSO ERM components (internal environment, objective setting, even identification, risk assessment, risk response, control activities, information and communication, and monitoring) Section 404 internal control documentation; Entity-level and activity-level testing controls, techniques, effectiveness, and documentation
The Principles and Objectives part of the Standard provides a high-level version of the Standard, by bringing together just the principles (which provide an overview of what needs to be performed to meet the Standard) and objectives (which outline the reason why these actions are necessary) for each section.