week 4 DQ - Using the COSO report's five basic components,...

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Using the COSO report's five basic components, I would recommend my company’s management team to sets the tone by establishing controls and communicating appropriate rules and regulations to gain control of the work environment. For risk assessment, audits should be performing regularly to evaluate the effectiveness of the company’s risk strategy and how it meets the company’s objectives. Because my company is a small company, we don’t have an auditor that primary just does risks identification, but I think it is necessary to have one because it is important for a company to be able to identify threats (internal and external) and prioritize the risks based on the degree of exposure to be able to try to eliminate it. For control activities, one example of my work is that all computer access in my office requires username and password for identification. Because we have sensitive data on our computer, only authorized employees can access the computer and the person logged in is documented on the company’s computer system so our boss is able to
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This note was uploaded on 06/25/2011 for the course ACC 421 $21 taught by Professor Unknown during the Spring '09 term at University of Phoenix.

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