The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a joint initiative established in 1985 to improve organizational governance, risk management, and internal controls. It was formed by five major professional associations, including the American Institute of Certified Public Accountants (AICPA) and the Institute of Internal Auditors (IIA), to address financial reporting issues and enhance the reliability of financial statements. COSO is best known for its framework on internal control, which provides guidelines for organizations to manage risks effectively and ensure accurate financial reporting. This framework has been widely adopted by businesses and is considered a standard for establishing robust internal control systems.