COSO Internal Control Framework

Free CPA AUD (Auditing & Attestation) lesson in Assessing Risk and Developing a Planned Response. 14 min read, ~2,149 words.

COSO IC-IF (2013) defines internal control as a process providing reasonable, not absolute, assurance over three objective categories: operations, reporting, and compliance. Five components, 17 principles: Control Environment (5), Risk Assessment (4), Control Activities (3), Information \& Communication (3), Monitoring (2). All five components must be present, functioning, and operating...

What this lesson covers

• Content
• Example 1
• Example 2
• Common Mistakes
• Check Your Understanding
• Exam Shortcuts

Learning objectives

• II.C1

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