Imagine you are the Director of Internal Audit and the Chairman of the Audit Committee and asks you to prepare a report for the Board of Directors explaining the 2012 COSO framework for internal control and the benefits for adopting the framework.

• Write a report of approximately 700 to 1,050 words explaining the five interrelated components of internal control.
• Describe the benefits for adopting this framework.
• Justify why this is the appropriate framework and will encourage integrity and ethical values for the organization.