 public company financial reporting regulations to become part of control system goals.  In this view, a financial control system of policies and procedures identifies who approves expenditures, signs checks, and reviews ledgers to accounts, as well as listing the required records and who keeps them.  Is this really all an internal control system does?  The Purpose of an Internal Control System  Financial reporting and compliance are two areas which COSO explicitly claims to address with its integrated framework. However, COSO also lists a third area where internal controls play a vital business role 