Internal Control - Integrated Framework
Effective internal controls are good for business. This is perhaps an interesting way to introduce the purpose of this thought paper, but, as its authors, our collective knowledge is very straightforward in this regard. Internal controls have value beyond compliance and external financial reporting. Effective internal controls can help an organization articulate its purpose, set its objectives and strategy, and grow on a sustained basis with confidence and integrity in all types of information.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control—Integrated Framework, originally issued in 1992 and refreshed in 2013 (ICIF-2013 or Framework), was developed as guidance to help improve confidence in all types of data and information.
In 2023 COSO issued supplemental guidance for organizations to achieve effective internal control over sustainability reporting (ICSR), using the globally recognized COSO Internal Control-Integrated Framework (ICIF).