All About the COSO Framework

In this episode of AuditBoard Essentials, Kim breaks down the COSO Framework — a critical foundation for modern internal controls and fraud prevention. Learn about this framework's five pillars and 17 principles, how it's evolved over time, and its importance for SOX compliance and enterprise risk management. We also discuss the 2023 guidance on sustainability reporting (ICSR) and how it fits within the COSO framework. Whether you're new to the COSO Framework or need a refresher, this video will provide you with actionable insights to help strengthen your internal controls and reduce fraud risk.

📌 Key Takeaways
What is the COSO Framework?
Five pillars of the COSO cube: Control Environment, Risk Assessment, Control Activities, Information & Communication, and Monitoring
The role of COSO in SOX compliance and sustainability reporting
How to implement COSO in your organization for effective internal controls

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Chapters
0:00 Introduction
0:20 History of COSO Framework Explained
0:56 Importance of COSO in Fraud Examples
1:15 COSO Framework Updates
1:53 COSO Cube Overview
2:01 The 5 Pillars of the COSO Cube Explained
3:46 COSO’s Role in SOX Compliance and Sustainability
4:11 Conclusion