1 Internal Control Frameworks
2. Enterprise Risk Management Frameworks
3. Sarbanes-Oxley Act of 2002
4. Financial Risk Management: Part 1
5. Financial Risk Management: Part 2
1.1 Introduction to COSO
2.1 Definition of Internal Control
2.2 Application to Management and Board
2.3 Application to Stakeholders
2.4 COSO Cube
2.5 Framework Objectives
2.6 Components of Internal Control
2.7 Effective Internal Control
2.8 Internal Control （Framework） Limitation
1.1 Introduction to COSO
>>Purposes of Internal Control Framework
- to assist organizations in developing comprehensive assessments of internal control effectiveness.
- as an appropriate and comprehensive basis to document the assessment of internal controls over financial reporting.
>>Is a principle-based approach rather than rule-based.
>>Emphasis on the importance of management judgment.
2.1 Definition of Internal Control
>>Internal control is a process
- that is designed and implemented by an organization’s management, board of directors and other employees
- to provide reasonable assurance
- that it will achieve its compliance, operating, and reporting objectives.
2.2, 2.3 Application
>>Users of Internal Control Frameworks
Management & Board of Directors
·To obtain understanding of what constitutes an effective system of internal control;
·To provide insight as to when internal controls are being properly applied.
External Stakeholders
·Provide confidence about achieving organization objectives
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