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Absolutely Sure Insurance - Churning

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Submitted By sanni1992
Words 2389
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Internal Control – Case 1

AS (Absolutely Sure) Insurance Company

Contents
Question 1: Case related to the COSO objectives, components, and principles1
Question 2: Identification of risks1
Question 3: Evaluation of the dollar significance & likelihood of risks with a cost-benefit approach of possible solutions to manage risks2
Question 4: Risk management of AS4
Question 5: Business control solutions for AS4
Question 6: Churning in other industries and/or companies 5
References6
Question 1: Case related to the COSO objectives, components, and principlesThe basis of internal control is founded by the objectives stated in COSO (2013), thus, it is necessary to identify them: First, the operational objective of the Absolutely Sure Insurance Company (AS) is especially dominated by financial performance goals, such as increasing sales. According to the case and related exhibits, AS was successful in achieving this aim. Secondly, in the case of reporting objectives one can see that AS conducted internal audits with the aim of providing non-financial information. The audits seemed to have reliable information, as they detected fraud in earlier stages, but this was simply ignored or not followed up by the management. The third objective of compliance with laws and other regulation cannot be properly determined with the information provided. According to KPMG's statement, it appeared to be not a main objective of the company, as the management was inconsistent in their doing and did not follow laws and regulation for customer protection.
To achieve the objectives, AS would have to make sure that components and principles are present and functioning. Yet, we determine that this is not the case: The control environment, as the basis of the other components, is not in place. The managers build up a corporate culture driven by sales with no place for ethic

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