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Management Fraud Related Responsibilities - Coggle Diagram
Management Fraud Related Responsibilities
COSO Internal Control—Integrated Framework
Reporting objectives
Reporting of financial and nonfinancial
information to internal and external parties
Compliance objectives
organization’s adherence to the
laws and regulations to which it is subject
Operations objectives
effectiveness and efficiency of the
organization’s operations.
Components
Monitoring
Information and communication
Control activities
Risk assessment
Control environment
Management Primary Responsibilities
Setting the organization’s ethical tone and reinforcing an anti-fraud culture
Demonstrating that fraud will not be tolerated at any level
Designing, implementing, overseeing, and ensuring the effectiveness of the anti-fraud program
Responding to instances of fraud appropriately
Management’s Responsibility for Internal Controls
It is management’s job to ensure that the proper internal controls are in place to prevent and detect fraud
Although management might not execute all of the controls, management is also responsible for monitoring, assessing, and remediating the internal controls to