Internal Controls and Fraud

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What is the Status? • Exposure Draft Stage • Comments Due November 16, 2012 • Written comments will be available on-line March 31, 2013 • www.ic.coso.org • Framework and Appendices • IC over External Financial Reporting: A Compendium of Approaches and Examples • Illustrative Tools for Assessing Effectiveness of a System of Internal Control • Executive Summary & Feedback Questions 2
Do You Remember COSO? • Committee of Sponsoring Organizations of the Treadway Commission (COSO) • 1992 released the original framework • Gained Broad Acceptance • Leading framework for • Designing • Implementing • Conducting internal control • Assessing the effectiveness of internal Control 3
Page 1: COSO’s New Internal Control—Int
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 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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