Elucidate principles on Internal Control enunciated by Committee of Sponsoring Organizations of the Treadway Commission (COSO).

COSO is the abbreviation of The Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO's (original framework, which identified five components of internal control, became widely adopted for use in assessing the effectiveness of internal controls. Its more recently updated framework identifies 17 principles mapped to the original components. These Principles are as under: Component 1: Control Environment Demonstrates commitment to integrity and ethical values Exercises oversight responsibility Establishes structure, authority, and responsibility Demonstrates commitment to competence Enforces accountability Component 2: Risk Assessment Specifies suitable objectives Identifies and analyzes risk Assesses fraud risk Identifies and analyzes significant change Component 3: Control Activities Selects and develops control activities Selects and develops general controls over technology Deploys control activities through policies and procedures Component 4: Information & Communication Uses relevant information Communicates internally Communicates externally Component 5: Monitoring Activities Conducts ongoing and/or separate evaluations Evaluates and communicates deficiencies