COSO ERM Framework Memo to Management Team, accounting homework help

User Generated

orggl123

Business Finance

Description

Length:1000 word memo

APA format writing and proper heading and must have an introduction and conclusion

2 or more references

TO:

FROM:

DATE:

Subj:

Barrington executive management members are questioning how AIS should be evaluated. They are aware of the internal controls required by Sarbanes-Oxley Act and are questioning if there are other evaluation criteria that should be considered. You are aware of the COSO enterprise risk management (ERM) framework that expands on the internal controls required by the Sarbanes-Oxley Act and want to advise management of this framework.

  • In a memo to Barrington's management discuss:
    • The COSO ERM framework.
    • How it includes and expands on the internal controls required by Sarbanes-Oxley Act.
    • The differences between Internal-Control Integrated Framework and COSO ERM framework.

Thanks


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Explanation & Answer

Attached.

Running head: COSO ERM FRAMEWORK

1

COSO ERM Framework

Institution Affiliation
Date

COSO ERM FRAMEWORK

2

TO: BARRINGTON'S MANAGEMENT
FROM: Research team
DATE:
SUBJECT: COSO Enterprise Risk Management Framework
Introduction
For any business to be able to operate successfully, it is vital that the business is able to
monitor its activities. Among the most important factors on this front is the issue of risk. All
businesses have threats that affect the business in any way or another. It is often very important
that a business is able to monitor the different risks that they face and ensure that they do not
affect the business negatively. In the case of Barrington, it is vital that the management is able to
provide a certain level of assurance with regard to the success the business will have and this can
only be done by identifying events that many affect the business and in return managing the risk
that comes with it.
The COSO ERM framework
The framework has eight major components and it is these that are used to operate and
monitor the enterprise risk management. The first of this is on the authority and pledge to the
enterprise risk management. This is an important component that is able to assure the company
management of their commitment to using the enterprise risk management system. This should
be followed by the second component which risk management policy (Moeller, 2011). If
Barrington’s is committed to using the system, the second part calls for the risk management
policy within the organization. This means that they should be able to establish a risk

COSO ERM FRAMEWORK

3

management policy that can be able to help them assess the risk within the company. A policy
helps guide the internal components of the organization within doing the differe...


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