The report defines internal control as: a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of... •  Effectiveness and efficiency of operations  •  Reliability of financial reporting  •  Compliance with applicable laws and regulations.
The COSO framework was the model considered when the Federal Deposit Insurance Corporation Improvement Act (FDICIA) was enacted in 1991. Section 112 of FDICIA requires management to report annually on the quality of internal controls and outside auditors to attest to that control evaluation.