The COSO framework of internal controls is practiced within companies around the world. The objectives of the COSO framework are closely related to its five components. For this week’s activity, please discuss these five components of the COSO framework.
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its831
University of cumberlands
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Research Paper MUST BE ABSTRACT ATLEAST 150 WORDS
ITS831 - Importance of Strategic Planning in Information Technology
The COSO framework of internal controls is practiced within companies around the world. The objectives of the COSO framework are closely related to its five components. For this week’s activity, please discuss these five components of the COSO framework. Be sure to include each components’ impact on each of the COSO framework objectives. What do you feel an auditor would most be concerned with during an IT audit? Lastly, discuss suggestions for integrating COSO framework compliance into a company in which you are familiar.
Your paper should meet the following requirements:
• Be approximately 2-4 pages in length, not including the required cover page and reference page.
• Follow APA6 guidelines. Your paper should include an introduction, a body with fully developed content, and a conclusion.
• Support your answers with the readings from the course and at least two scholarly journal articles to support your positions, claims, and observations, in addition to your textbook. The UC Library is a great place to find resources.
• Be clearly and well-written, concise, and logical, using excellent grammar and style techniques. You are being graded in part on the quality of your writing
Explanation & Answer
Attached.
Running head: COSO FRAMEWORK
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COSO Framework
Details
Name
Institutional Affiliation
Date
COSO FRAMEWORK
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Abstract
The Committee of Sponsoring Organizations of the Tread Way Commission (COSO) is
an organization that came up with various models that were of a significant role in the internal
evaluation of various organizations. It was started back in the year 1085 by one of the largest
accounting, finance, and auditing oversight committee in the United States. Their main aim was
to sponsor the national committee of their fraudulent financial reporting issues. This model is
very good and it is made up of five major components that help it in realizing the goals and
objectives that is was started to achieve (Bowling et al, 2005). It has also helped greatly in
dealing with challenges and the promotion of good perspectives recommended. The following is
a discussion regarding the COSO framework and its use in the auditing of internal organizational
function. COSO Framework is having various components that have really played a significant
role and the management has been very independent which has really helped in reducing the
conflict that may arise between the organizations (Bowling et al, 2005).
Components of COSO Framework
COSO Framework is mainly made up of five components which all play a critical role in
the realization of the COSO objectives and goals. The five components include;
a. Control activities
Control activities are a component that is concerned with the formulation of rules and
guidelines for the smooth running of the organization. There is a need to formulate directives and
control measures that ensure that the control approaches are implemented as required (Klamm et
al, 2009). Control activities issues command to the organization and ensure that the members
follow the guidelines for a direction. Control is good for promoting a good outcome to ensure
that basic principles and strategies are imp...
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