Description
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 APA 6 guidelines. Your paper should include an introduction, a body with fully developed content, and a conclusion.
* Include at last 2 scholarly reference.
Explanation & Answer
Hello, please find the assignment solution attached below. Feel free to seek clarification. Invite me for future tasks. Thank you
COSO FRAMEWORK
1
COSO Framework
Institutional Affiliation
Student’s Name
Date
COSO FRAMEWORK
2
COSO Framework
Introduction
COSO framework identifies the internal measures that are undertaken by the board of
directors and other people in a firm in ensuring there is reasonable security in association with the
achievement of goals through efficiency and effectiveness of business activities. It is designed to
help organizations to sufficiently manage their operations and report their objectives in the long
run. COSO internal framework analyses if the applied tools will assist users when evaluating the
internal control measures. Many companies have practiced this activity to manage their businesses
and outline their risk management strategies. The COSO framework objectives are reporting,
operations, and compliance.
Components of COSO Framework
Control Environment
It aims at analyzing how a company has laid its policies and practices that tend to guide its
operations. The control environment evaluates the tone that the management has set in ensuring
that controls are adequate and perform their desired roles (King, 2016). Its objective is to exercise
ethical...