Question

How does COSO define mission, vision, and core values?

Answer 1

COSO defines mission, vision, and core values as the reason for existence, desired future state, and fundamental beliefs of an organization.

Step-by-step explanation:

COSO, or the Committee of Sponsoring Organizations of the Treadway Commission, defines mission, vision, and core values as follows:

1. Mission: The mission of an organization is its reason for existence. It describes what the organization does and whom it serves. It should be clear, concise, and align with the organization's goals.
2. Vision: The vision of an organization is its desired future state. It outlines the long-term aspirations and goals of the organization. It should be inspiring, motivating, and provide direction to the organization.
3. Core Values: Core values are the fundamental beliefs and principles that guide the behavior and decision-making of individuals within the organization. They define the organization's culture and serve as a foundation for its actions.

For example, a software company's mission could be to provide innovative and user-friendly software solutions to businesses worldwide. Its vision could be to become a global leader in the software industry. And its core values could include integrity, collaboration, and customer-centricity.