Impact Of Technology On Accounting 1. Review the PowerPoint presentation “Enterprise Risk Management’ and Answer the following question: Is technology adva

1. Review the PowerPoint presentation “Enterprise Risk Management’ and Answer the following question: Is technology advancing Enterprise Risk Management in organizations? If so how?

2. Review this PowerPoint presentation “Internal Control” and  please explain what are Internal Controls?

*Internal Control
(CRIME)

1. Control Environment –
EBOCA

2. Risk Assessment – SAFR

3. Information and
Communication – OIE

4. Monitoring – SOD

5. Existing Control Activities –
CATP

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The Committee of Sponsoring Organizations of the

Treadway Commission. Voluntary, private sector

organization originally formed in 1985. Dedicated to

improving the quality of financial reporting through

business ethics, effective internal controls and

corporate governance. There are three objectives an

organization will achieve: effective & efficient

Operations; reliable financial Reporting; and

Compliance with laws/regulations (ORC).

COSO – Internal Control Framework

Control Environment

EBOCA

– Commitment to Ethics & Integrity –

– Board Independence & Oversight –

– Organizational Structure –

– Commitment to competence –

– Accountability –

( C R I M E )

Wh a t i s COSO – I n te rn a l C o n t ro l ?

The Committee of Sponsoring Organizations of the

Treadway Commission. Voluntary, private sector

organization originally formed in 1985. Dedicated to

improving the quality of financial reporting through

business ethics, effective internal controls and

corporate governance.

COSO – Internal Control Framework

Risk Assessment

SAFR
– Specify Objectives: risk identification and

assessment-

– Identify & Access changes to specify objectives –

– Consider Potential of Fraud: fraud triangle:

pressure, opportunities and rationalizations –

– Identify and analyze Risks for management and

response –

( C R I M E )

Wh a t i s COSO – I n te rn a l C o n t ro l ?

The Committee of Sponsoring Organizations of the

Treadway Commission. Voluntary, private sector

organization originally formed in 1985. Dedicated to

improving the quality of financial reporting through

business ethics, effective internal controls and

corporate governance.

COSO – Internal Control Framework

Information and Communication

OIE
– Obtain and use Information –

– Internally Communicate Information –

– Communicate through External parties –

( C R I M E )

Wh a t i s COSO – I n te rn a l C o n t ro l ?

The Committee of Sponsoring Organizations of the

Treadway Commission. Voluntary, private sector

organization originally formed in 1985. There are three

objectives an organization will achieve: effective &

efficient Operations; reliable financial Reporting; and

Compliance with laws/regulations (ORC)

COSO – Internal Control Framework

Monitoring

( C R I M E )

Wh a t i s COSO – I n te rn a l C o n t ro l ?

SOD

– Separate and/or Ongoing evaluations –

– Communication of Deficiencies –

The Committee of Sponsoring Organizations of the

Treadway Commission. Voluntary, private sector

organization originally formed in 1985. Dedicated to

improving the quality of financial reporting through

business ethics, effective internal controls and

corporate governance.

COSO – Internal Control Framework

Existing Control Activities

( C R I M E )

Wh a t i s COSO – I n te rn a l C o n t ro l ?

CATP

– Select & develop Control Activities –

– Select & develop Technology controls –

– Deploy through Policies and procedures –

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