Lesson: Components of the Internal Control Integrated Framework

This lesson offers an overview of the five components of the COSO internal control integrated framework, which is sometimes used by private companies as a guideline for maintaining effective internal controls. The components include establishing a solid control environment, risk assessment, information and communication of risks, monitoring for potential issues, and ongoing control activities. Although the framework is not heavily discussed in the auditing context and is more relevant for BEC, this overview serves as a valuable aid for reinforcing understanding and providing a foundation for mastering related concepts in both exams.