Internal Controls and Fraud

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(M) Monitoring Activities • Ongoing evaluations to ensure IC are present and functioning • Findings are evaluated • Deficiencies are communicated to management and Board 18
(E) Control Environment • Set of standards, processes and structures –basis for carrying out IC • Tone at the top regarding importance • Integrity and ethical values of organization • Governance oversight responsibilities • Provides for a pervasive impact on the overall system of IC 19
Page 1 and 2: COSO’s New Internal Control—Int
Page 3 and 4: Do You Remember COSO? • Committee
Page 5: Mission of COSO Dedicated to provid
Page 8 and 9: Help For External Stakeholders •
Page 10: COSO’s Participants • Board Mem
Page 14 and 15: Core of Original Framework Remains
Page 16 and 17: (R)Risk Assessment • Definition-p
Page 20 and 21: What This Framework Provides • Me
Page 22 and 23: Objectives • Framework provides f
Page 24 and 25: Wrapping Our Minds Around It! • T
Page 27 and 28: The Framework and 17 Principles •
Page 29 and 30: Framework and 17 Principals • Con
Page 31 and 32: Framework and 17 Principals (conclu
Page 33 and 34: Roles and Responsibilities (cont)
Page 37 and 38: Roles and Responsibilities • Othe
Page 41 and 42: What About Small Entities? • Fewe
Page 43 and 44: Solutions-Segregation of Duties •
Page 46: Component Evaluation Template 46
Page 50: Questions? 50

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