COSO internal control: integrated framework 2013

Issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), the 2013 Internal Control – Integrated Framework(Framework) is expected to help organizations design and implement internal control in light of many changes in business and operating environments since the issuance of the original Framework in 1992. The new Framework retains the core definition of internal control and the five components of internal control, and it continues to emphasize the importance of management judgment in designing, implementing, and conducting a system of internal control, and in assessing its effectiveness. It broadens the application of internal control in addressing operations and reporting objectives, and clarifies the requirements for determining what constitutes effective internal control.