Article Critique 2 Newly released COSO framework a fresh look at internal control ACCT 531 Brittany Perry Liberty University Dr. Stanley Staff June 16, 2013 Introduction This article I chose to critique for this assignment is titled “Newly released COSO framework a fresh look at internal control” from Journal of Accountancy. This article contained useful and informative information on the newly released framework. I will discuss the strengths, weakness, and suggestions that were discuss
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Organizations of the Treadway Commission (COSO) is a joint initiative of five private sector organizations dedicated to providing thought leadership to executive management and governance entities on critical aspects of organizational governance, business ethics, internal control, enterprise risk management, fraud, and financial reporting. COSO has established a common internal control model against which companies and organizations may assess their control systems. The COSO framework defines internal control as
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Organizations of the Treadway Commission (COSO) Oversight COSO Chair American Accounting Association American Institute of Certified Public Accountants Financial Executives International Institute of Management Accountants The Institute of Internal Auditors Representative John J. Flaherty Larry E. Rittenberg Alan W. Anderson John P. Jessup Nicholas S. Cyprus Frank C. Minter Dennis L. Neider William G. Bishop, III David A. Richards Project Advisory Council to COSO Guidance Tony Maki, Chair Partner Moss
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organization and its stakeholders. Fraud affected different sizes of companies. Unfortunately, the affected sizes of companies became larger than COSO’s 1999 study. The larger sizes of companies be affected, the more people involve in the fraud. The COSO Fraudulent Financial Reporting also states, “once fraud is initiated in one financial period, management often continues to perpetrate fraud in each quarterly and annual financial statement filing for about two years.” The longer period of time of
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Committee of Sponsoring Organizations (COSO) I would encourage you to go to the web site: http://www.coso.org/aboutus.htm and read more about COSO. * “About Us” gives a history of COSO, some of which is excerpted in the screen shots below. * Under “Guidance” you will find free executive summaries of some of the key studies COSO has done over the years. Click on the headings for “Enterprise Risk Management” “Internal Controls” or “Fraud Deterrence” and then click on “More” after
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Internal Control - Integrated Framework Executive Summary Senior executives have long sought ways to better control the enterprises they run. Internal controls are put in place to keep the company on course toward profitability goals and achievement of its mission, and to minimize surprises along the way. They enable management to deal with rapidly changing economic and competitive environments, shifting customer demands and priorities, and restructuring for future growth. Internal controls promote
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Organizations of the Treadway Commission (COSO) Oversight COSO Chair American Accounting Association American Institute of Certified Public Accountants Financial Executives International Institute of Management Accountants The Institute of Internal Auditors Representative John J. Flaherty Larry E. Rittenberg Alan W. Anderson John P. Jessup Nicholas S. Cyprus Frank C. Minter Dennis L. Neider William G. Bishop, III David A. Richards Project Advisory Council to COSO Guidance Tony Maki, Chair Partner Moss
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Helen Valentine ACCT 3222 Sec. 01 October 18, 2011 The COSO Framework Due to questionable corporate political campaign finance practices and foreign corrupt practices in the mid -1970s, the U.S. Securities and Exchange Commission (SEC) and the U.S. Congress enacted campaign finance law reforms and the 1977 Foreign Corrupt Practices Act (FCPA) which criminalized transnational bribery and required companies to implement internal control programs. In response, the Treadway Commission, a private-sector
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COSO报告 出自 MBA智库百科(http://wiki.mbalib.com/) 目录 • 1 COSO报告概述 • 2 COSO报告中内部控制的组成 • 3 COSO报告中内部控制的职责 • 4 COSO报告的现实意义 • 5 COSO报告的局限性 • 6 COSO报告对我国企业的启示 COSO报告概述 COSO是全国虚假财务报告委员会下属的发起人委员会（The Committee of Sponsoring Organizations of The National Commission of Fraudulent Financial Reporting）的英文缩写。根据萨班斯法案第404节条款以及美国证券交易委员会（SEC）的相应实施标准，要求公众公司的管理层评估和报告公司最近年度的财务报告的内部控制的有效性。2004年3月9日，PCAOB发布了其第2号审计标准：“与财务报表审计相关的针对财务报告的内部控制的审计”，并于6月18日经SEC批准。SEC对该标准的认同等于从另外一个侧面承认了1992年COSO公布的《内部控制—综
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The Development of COSO Frameworks and Guidance Yongheng Wang Kellstadt Graduate School of Business, DePaul University Abstract Fraudulent financial reporting has always been a crucial issue in business operation. Sometimes companies could report fraudulent financial statements to conceal true information and benefit from questionable transactions. Investors and shareholders would not be able to obtain useful information to make business decisions if financial information failed to reflect
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