COSO is a committee consisting of members of five organizations:

• American Accounting Association
• American Institute of Certified Public Accountants
• Financial Executives International
• Institute of Management Accountants
• Institute of Internal Auditors

The COSO Board shall create guidance documents to assist organizations with risk management , internal controls and the prevention of fraud. Their mission is to "be a recognized global market leader in the creation of risk and control guidance that facilitates good corporate governance and the reduction of fraud."

The original COSO system was developed in 1992 and the most recent version was released in 2013. To grasp the system, you need to grasp what it's all about. According to the COSO, there is internal regulation

• Focuses on achieving objectives in operations, reporting and/or compliance

• Is an ongoing process

• Depends on people’s actions, not merely written policies and procedures

• Provides assurance senior management of security to a reasonable degree

• Can be adapted to the needs of the whole organization as well as each department, unit or process