The COSO Model
The COSO “Internal Control – Integrated Framework,” (COSO Model) describes five interrelated components of internal control that provide the foundation for fraud deterrence. These elements of internal control are the means for which the ‘Opportunity’ factors in the Fraud Triangle can be removed to most effectively limit instances of fraud. In fact, The Association of Certified Fraud Examiners (ACFE) 2002 Report to the Nation on Occupational Fraud and Abuse reveals that 46.2% of frauds occur because the victim lacked sufficient controls to prevent the fraud. The five COSO components are:
Read more about this topic: Fraud Deterrence
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