COSO Internal Control - Integrated Framework (2013) P13: Principle 13: Uses relevant information

The organization obtains or produces relevant, good-quality information and uses it so internal control can function. Points of focus (5). Information needs: a process establishes what information the other components and the objectives require. Data sources: information systems collect data from inside and outside the organization. Turning data into information: relevant data is processed into information. Quality through processing: information stays timely, current, accurate, complete, accessible, protected, verifiable and retained, and its relevance is reviewed. Costs and benefits: the nature, amount and precision of information match what the objectives call for. Approaches the framework suggests for external financial reporting: listing the information required; drawing information from outside sources; drawing information from managers outside finance; building and keeping information repositories; using applications to turn data into information; improving information quality with a data governance programme; identifying, protecting and keeping financial data and information.