COSO Internal Control, The Basics
COSO is the acronym of the Committee of Sponsoring Organizations of the Treadway Commission, originally established in 1985 to combat corporate fraud, led by James Treadway Jr. The Committee comprised of special-interest organisations in the accounting and auditing industry, including the American Accounting Association; Financial Executives International; the Institute of
The Fundamentals of COSO Internal Control
According to COSO, internal control is a process designed to provide reasonable assurance of the effectiveness and efficiency of operations; reliability of financial reporting; and compliance with applicable laws and regulations. These relate to the business’s objectives, performance, profitability and resources; its financial health; and its compliance with the laws
Audit Committee’s Guide To COSO 2013 And Internal Controls
In 1992, the Committee of Sponsoring Organisations of the Treadway Commission, COSO, introduced its Internal Control – Integrated Framework with the aim of helping organisations achieve operational objectives, better reporting and compliance. Most companies then did not have the sophisticated internal controls that are widely applied today. What was generally
RCSAs get you to know yourself better
Before your shortcomings are laid bare before everyone else, it is best that you know them yourself. That way, you have a chance to address (and redress) them before everyone starts telling you what to do. That is basically the premise of Risk and Control Self-Assessments (RCSAs). Of course, having
Risk Control Self Assessment (RCSAs): Championing and Doing It Yourself
Far from being a tedious or irrelevant process, Risk and Control Self-Assessments (RCSA) are an excellent way for organisations to identify where their shortfalls may lie, in a controlled, structured manner, without publicly exposing their vulnerabilities. RCSAs are an integral part of the operational risk management framework, and as continued
Designing a structured RCSA is key to its implementation success
The Risk and Control Self-Assessment (RCSA) is an important tool that forces a business to look at all operational risks it faces, and what controls can be put in place to mitigate the situations arising from the manifestation of these risks. The RCSA is also an ongoing process, forcing the
