3 Objectives of COSO

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If you’re new to the SOC 1 audit process, you might be wondering: What framework is used to evaluate the effectiveness of internal controls? This would be the Committee of Sponsoring Organizations of the Treadway Commission, or COSO Internal Control - Integrated Framework. This framework is one of the most common frameworks used to design, implement, maintain, and evaluate internal controls. It outlines three objectives, five components of internal control, and 17 principles related to internal control that organizations must meet to demonstrate compliance. When undergoing a SOC 1 audit then, organizations should strive to meet COSO’s three objectives for internal control: operations, reporting, and compliance.
Because a SOC 1 audit places a large emphasis on the concept of internal control, meeting the three objectives of COSO is especially important. To do so, consider the following questions.
1. Operations: Are the controls that you’ve put into place operating effectively so that you can be certain about the ways that your operations are running the ways you’re expecting them to perform?
2. Reporting: What types of reports do you provide to your clients? What is it that they rely upon from you to verify that your services are operating the way they expect them to operate?
3. Compliance: What laws and regulations apply to the services that you’re performing so that your clients can rely on your services and be in compliance as well?
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