What are the objectives of COSO?
COSO can be divided into three key objectives: Operations, reporting, and compliance. These objectives fully support the goal of the internal control framework.
Reporting objectives – Objectives pertaining to internal and external financial and non-financial reporting which may encompass reliability, timeliness, transparency, or other terms set by regulators, standards, or entity’s policies.
Operating objectives – Objectives pertaining to effectiveness and efficiency of the entity’s operations, including operational and financial performance goals, and safeguarding assets against loss.
Compliance objectives – Objectives pertaining to adherence to laws and regulations applicable to the entity.
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What are the components of the COSO ERM framework?
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What is the information, communication, and reporting principal of the COSO ERM framework?
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What are the components of the COSO ERM framework?
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What are the key components of the COSO internal control framework?
Just remember it would be a CRIME to forget the 5 components. The 5 components of the COSO internal control framework include control environment, risk assessment, information & communication, monitoring, and existing control activities.
What is the information, communication, and reporting principal of the COSO ERM framework?
Information, communication, and reporting is one of the key components of the COSO ERM framework. Enterprise risk management requires a continual process of obtaining and sharing necessary information, from both internal and external sources, which flows up, down, and across the organization. The organization is in search of capturing, processing, managing, and communicating both timely...
