Internal Controls and Fraud

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Framework and 17 Principals (cont) • Risk Assessment 6. Organization specifies objectives with sufficient clarity to enable identify risks. 7. Organization identifies risks and analyzes how risks should be managed. 8. The organization considers the potential for fraud in assessing risks to the achievement of objectives. 9. The organization identifies and assesses changes that could significantly impact the system of internal control. 28
Framework and 17 Principals • Control Activities (cont) 10. The organization selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels. 11. The organization selects and develops general control activities over technology to support the achievement of objectives. 12. The organization deploys control activities through policies that establish what is expected and procedures that put policies into action. 29
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 22 and 23: Objectives • Framework provides f
Page 24 and 25: Wrapping Our Minds Around It! • T
Page 27: The Framework and 17 Principles •
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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