State in brief, the components of internal control under the framework of the Committee of Sponsoring Organizations (COSO).

A system of internal control has five components under the Committee of Sponsoring Organizations (COSO) framework which are as follows: Control environment: Exercise integrity and ethical values. Make a commitment to competence. Use the board of directors and audit committee. Facilitate management's philosophy and operating style. Create organizational structure. Issue assignment of authority and responsibility. Utilize human resources policies and procedures. Risk assessment: Create company wide objectives. Incorporate process-level objectives. Perform risk identification and analysis. Manage change. Control activities: Follow policies and procedures. Improve security (application and network). Conduct application change management. Plan business continuity/backups. Perform outsourcing. Information and communication: Measure quality of information. Measure effectiveness of communication. Monitoring: Perform ongoing monitoring. Conduct separate evaluations. Report deficiencies.