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Audit glossary

COSO Internal Control framework

Five components and 17 principles of effective internal control.

CIACISA

COSO’s 2013 framework has five components: control environment, risk assessment, control activities, information and communication, and monitoring activities, supported by 17 principles.

On the exam

A favourite “NOT one of the components” question. The control environment is the foundation the others rest on.

Related terms

  • COSO ERM frameworkCOSO’s framework linking risk management to strategy and performance.
  • GovernanceHow an organisation is directed, controlled and held to account.

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