According to the Committee of Sponsoring Organizations of the Treadway Commission (COSO), internal control is...

A process aimed at proactively identifying, assessing, and managing an organization's vulnerabilities to fraud by both internal and external sources.

The system enacted to ensure effective oversight of the board of directors, management, and all other parties responsible for an organization's direction, operations, and performance.

The system that is designed and implemented to eliminate all uncertainty and risk while also ensuring the achievement of organizational goals.

A process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance.