Internal Controls and Fraud

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Smaller Entities-Meeting Challenges • Sufficient resources to achieve adequate Segregation of Duties • Balancing improper management override of processes to met goals • Recruiting and retaining experienced personnel • Running the organization vs. providing sufficient focus on IC • Controlling information technology with limited resources 42
Solutions-Segregation of Duties • “Management” Could Randomly • Review Reports of Detailed Transactions • Review Selected Transaction • Take Periodic Asset Counts (physical inventory, equipment) and compare with accounting records • Review random reconciliations (cash, investments, revenues, accounts receivable) 43
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 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: What About Small Entities? • Fewe
Page 46: Component Evaluation Template 46
Page 50: Questions? 50

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