BENEFITS OF COSO-BASED AUDITSEffect

BENEFITS OF COSO-BASED AUDITS

Effectiveness
Testing all five COSO control components provides a solid foundation for determining the degree of assurance provided by controls.

Efficiency
Focusing on one COSO objective category guards against costly "scope creep."

Comparability
Using a common audit framework and rating system enables the controls in different business segments to be contrasted.

Communication
Integrating COSO criteria in discussions with clients enhances their understanding of control concepts.

Audit Committee
Reporting in terms of the COSO framework helps to portray strengths and weaknesses of the internal control system.