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The COSO internal control framework (understanding internal controls…
The COSO internal control framework
The revised COSO internal control framework
COSO internal control components: Monitoring activities
COSO internal control principles
understanding internal controls
internal control implications associated with social media and wireless systems
ever-increasing security concerns, partickarly IT security in today's big data era
the constant changes in IR technologies and the way we use IT to build and manage processes
increased need for understandig and assesing risk as part of internal control operation on all levels
recognition that fraud prevention and detection is necessary for effective internal control
increased compliance ad regulatory requirements beyond just annual financial reporting
the rise of using contracted services, new organizational structures, and increased internatioonal connections
Revised COSO framework business and operating environment changes
changes and greater complexities in enterprises business operations
increased demands and coomplexities in laws, rules, regulations, and standards
increased globalization of market and operations
ever-increasing use of and reliance on evolving technologies
increased eed to prevent and detect corruption
expanded expectations for governance oversight
COSO internal control components: control activities
Business process control activities
accuracy
validity
completeness
Types of transaction control activities
verificatios
reconciliations
authorzations and approvals
physical controls
cotrols over standing data
supervisory controls
The COSO framework's other dimension
COSO internal control components: communication and information
importance of using relevant information
importance of internal communication
COSO internal control components:: the cotrol environmentt
COSO internal control components: risk assessment
risk identification and analysis
responses strategies
reduction
sharing
avoidance
acceptance