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Topic _6 PPT - COSO Internal Control Integrated Framework...

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Click to edit Master subtitle style 4/23/11 COSO Internal Control Integrated Framework Siska Gultom TuNhi Le Andy Liu Steve Reh
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4/23/11 Committee of Sponsoring Organizations of the Treadway v What: Voluntary organization v When: Mid – 1980s v Sponsoring organizations: AAA, AICPA, FEI, IIA & IMA v Goal: Address increasing frequency in fraudulent financial reporting v Frameworks: 1992 - Internal Control-
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4/23/11 Similarities v Internal Control v Establishes a common language v Provides a standards against other entities v Achievement of Objectives v Effectiveness and efficiency of operations v Relaiability of financial reporting
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4/23/11 Similarities 5 I/C vs 8 ERM Components v I/C- Control Environment & ERM- Internal Control v Risk Assessment v Control Activities v Information and Communication v Monitoring
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4/23/11 Differences Internal Control ERM v Operations v Reporting v Compliance v Strategic v Operations v Reporting v Compliance Strategy – high-level goals, aligned with and supporting its mission
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4/23/11 Differences 8 Components of ERM v Objective Setting v Event Identification v Risk Response
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