COSO INTEGRATED FRAMEWORK ANALYSIS AS AN INTERNAL CONTROL ASSESSMENTMATRIX IN GOVERNMENT AUDITS

Abstract

Government audits are a crucial mechanism for overseeing the use of fiscal funds, preventing official corruption, and improving government performance. The 2013 COSO Integrated Framework will help government audits identify potential weaknesses in the design of the internal control environment and better calibrate monitoring efforts and control activities with the relevant risks of material misstatement. While each component of the COSO framework encompasses numerous controls, government audits focus on controls designed to prevent and detect material misstatements in the financial statements.