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Ayatullah Michael Musyaffi
Master of Accounting Study Program, Faculty of Economics, Universitas Negeri Jakarta, Indonesia
Economics, Econometrics & Finance

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Design of an Internal Control System Evaluation Instrument Based on the COSO Framework: A Study of State Owned Insurance Ari Permana; Adam Zakaria; Ayatullah Michael Musyaffi
Journal of Accounting, Finance, and FinTech Advancements Vol. 1 No. 3 (2025): September
Publisher : CV. Proaksara Global Transeduka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70865/jaffa.v1i3.184

Abstract

The growing complexity of governance and regulatory demands in state-owned enterprises necessitates robust and measurable internal control systems to ensure accountability and long-term sustainability. This study aims to design a comprehensive internal control system evaluation instrument based on the COSO Internal Control–Integrated Framework (2013) to support governance effectiveness and organizational sustainability in state-owned social insurance enterprises. Despite regulatory requirements mandating periodic internal control evaluations, many state-owned enterprises still lack standardized and measurable evaluation tools, resulting in fragmented and partial assessments. Addressing this gap, this research develops a COSO-based evaluation instrument integrated with national governance regulations and risk maturity principles. Using a project-based research design, data were collected through triangulation methods, including interviews, observations, documentation analysis, and questionnaires involving internal auditors and employees across head office and branch units. The instrument was constructed based on five COSO components, seventeen principles, and eighty points of focus, supported by a structured scoring system to assess both the existence (present) and effectiveness (function) of internal controls. This study contributes to the literature on internal control and sustainability governance by providing a replicable and context-sensitive evaluation framework for public sector and social insurance organizations in emerging economies. Practically, the proposed instrument offers internal auditors and regulators a structured tool to enhance accountability, risk management, and long-term organizational sustainability.
Co-Authors Adam Zakaria Ari Permana