REVIEW OF THE CONTRIBUTION OF COSO IN THE FIELD OF INTERNAL CONTROL MANAGEMENT

Abstract

The internal control management has been relied and stressed upon by the corporate sector worldwide in the recent times. The corporate governance norms and codes have provided for the setting up of internal control systems in place in the auditing committees in the listed companies. Not only the listed companies but every those entities which are exposed to the market risk need to focus on the internal control system so that they are able to face the dynamics of the business environment. For providing the basis and recognition to the internal control management, Committee of Sponsoring Organizations of the Treadway Commission (COSO) has provided the justification to the internal control systems as a process for the mitigation and identification of corporate risk. This paper reviews the contributions of the COSO in the setting up of internal control systems in corporate bodies.