Question

What is The Treadway Commission? COSO? Who are the sponsors? What is their purpose?

Answer 1

Treadway Commission recommends the organization sponsoring to work together to develop the guidance on internal control.

COSO refers to Committee of Sponsoring Organizations of the Treadway Commission.

The sponsors are Institute of Management Accountants, American Institute of Certified Public Accountants, American Accounting Association, Institute of Internal Auditors, Financial Executives International.

Their purpose is to guide the executive management on relevant aspects of governance, internal control, ethics etc. It has established a common internal control model against which any company can assess its internal control system.

Hope it is helpful!!