What are the two major goals of the COSO framework?

The COSO framework, which stands for the Committee of Sponsoring Organizations of the Treadway Commission, primarily aims to establish a comprehensive and consistent approach to internal control. One of its major goals is to create a common definition of internal control, which is crucial for organizations to identify, assess, and manage risks effectively. This standardized definition facilitates better communication and understanding among stakeholders regarding the expectations and components of an effective internal control system.

Additionally, the COSO framework provides a set of criteria and standards for assessment, ensuring that organizations can evaluate the effectiveness of their internal control systems in a systematic way. By offering guidelines for structure and performance, the COSO framework aids in improving the quality of governance and compliance across various industries.

The other options, while relevant to aspects of organizational operations and risk management, do not encapsulate the core objectives of the COSO framework as effectively as addressing the definition and assessment of internal controls.