Accounting and Auditing Studies

Accounting and Auditing Studies

Review the importance of implementation internal control system based on the COSO framework

Document Type : Original Article

Authors
Fatemeh Saraf
Soheil Mohammad Hasanzadeh
Hossein Horabadi Farahani
Maryam sadat Seyed Salehian
10.22034/iaas.2015.103451
Abstract
Indirect control of organizational operations and avoid senior managers of all activities of the business units, has caused management to establish an effective internal control as an integral component of efficient management systems, effective corporate governance and management stewardship fulfill. In fact, in any organization and institution, felt an urgent need to the internal control. According to type and level of activities, internal control will be different. The lack of this controls, avoid organization achieving the goals. For internal controls, various systems are designed and presented that these cases have always their own strengths and weaknesses. In terms of comprehensiveness, effectiveness and extension of the application, the most and the best known of the internal control system, is the designed model of the Committee of Sponsoring Organizations of the Teadway commission, that known as COSO. In this paper, due to the comprehensiveness of integrated framework of internal controls provided by COSO, we investigate the importance of its application and become more familiar to the concepts and principles of this system.
Keywords
Internal Control
COSO
Enterprise Risk
Internal Control Framework
Accounting and Auditing Studies
Volume 4, Issue 15
Autumn 2015
Pages 58-71