 effectiveness (reaching objectives) and efficiency (required resources) of operations.  If you develop and implement an internal control system and your only financial objectives are to prevent fraud and comply with laws and regulations, then you are missing an important opportunity for improvement.  The same internal controls can also be used to systematically improve your business, particularly in regard to effectiveness and efficiency.  COSO Describes a Control System Framework  COSO lists five components that must be in place to some degree for an internal control system to be effective:  