Internal Controls and Fraud

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Objectives • Framework provides for 3 categories of objectives • Operations • Efficiencies • Financial performance goals • Safeguarding assets against loss • Reporting • Internal and external financial and non-financial reporting • Reliability, timeliness, transparency • Compliance-adherence to laws and regulations 22
Enhancements • Expanding financial Reporting Objectives • Non-financial • Internal Reporting • Considerations of changes in doing business • Expectations for Governance Oversight • Globalization of markets and operations • Changes and Greater Complexity in business • Demands and complexities in laws, regulations… • Use of, and reliance on, evolving technologies • Expectations relating to preventing and detecting fraud 23
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 18 and 19: (M) Monitoring Activities • Ongoi
Page 20 and 21: What This Framework Provides • Me
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

Internal Controls and Fraud

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