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Treadway Compliance Report

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to laws and regulations, ensuring that goals and objectives are achieved, detecting and preventing fraud and finally, managing risk.

2.2. Components of internal control
Following various high-profile audit failures, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) was shaped in order to redefine internal control and the criteria for determining the effectiveness of an internal control system (Simmons 1997). Internal control components were unveiled by COSO in 1992 and they encompass the “control environment, management’s risk assessment, information and communication, control activities, and monitoring”.

2.2.1 Control Environment
The control environment is looked upon as the basis for other components of internal

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