<P> The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a joint initiative to combat corporate fraud . It was established in the United States by five private sector organizations, dedicated to guide executive management and governance entities on relevant aspects of organizational governance, business ethics, internal control, enterprise risk management, fraud, and financial reporting . COSO has established a common internal control model against which companies and organizations may assess their control systems . COSO is supported by five supporting organizations, including the Institute of Management Accountants (IMA), the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), the Institute of Internal Auditors (IIA), and Financial Executives International (FEI). </P> <P> COSO was formed in 1985 to sponsor the National Commission on Fraudulent Financial Reporting (the Treadway Commission). The Treadway Commission was originally jointly sponsored and funded by five main professional accounting associations and institutes headquartered in the United States: the American Institute of Certified Public Accountants (AICPA), American Accounting Association (AAA), Financial Executives International (FEI), Institute of Internal Auditors (IIA) and the Institute of Management Accountants (IMA). The Treadway Commission recommended that the organizations sponsoring the Commission work together to develop integrated guidance on internal control . These five organizations formed what is now called the Committee of Sponsoring Organizations of the Treadway Commission . </P> <P> The original chairman of the Treadway Commission was James C. Treadway, Jr., Executive Vice President and General Counsel, Paine Webber and a former Commissioner of the U.S. Securities and Exchange Commission . Hence, the popular name "Treadway Commission". Robert B. Hirth, Jr. became the Chairman of (1) on June 1, 2013 . He held the position for 4.5 years . On February 1, 2018 (2), Paul J. Sobel (3) became the new COSO chairman . </P> <P> Due to questionable corporate political campaign finance practices and foreign corrupt practices in the mid-1970s, the U.S. Securities and Exchange Commission (SEC) and the U.S. Congress enacted campaign finance law reforms and the 1977 Foreign Corrupt Practices Act (FCPA) which criminalized transnational bribery and required companies to implement internal control programs . In response, the Treadway Commission, a private - sector initiative, was formed in 1985 to inspect, analyze, and make recommendations on fraudulent corporate financial reporting . </P>

What is the coso model for internal control