Internal control framework

Assignment Help Auditing
Reference no: EM1351021

You have learned that the internal control framework for most U.S. companies is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework, issued in 1992.

I need help completing these questions in 300-400 words:

1. Identify the Treadway Commission discussing its origin, history, and purpose.

2. List the 5 components of internal control as defined by COSO.

3. Discuss at least 2-3 elements are included in each component

Reference no: EM1351021

Questions Cloud

Process of thinking : How would you describe the process of thinking? What do you consider to be the major component in thinking? Why?
Koss corporation-unauthorized financial transactions : Discuss the responsibility of an auditor to uncover fraud perpetrated by its management client. Describe at least three mitigation risk strategies to satisfy this responsibility.
Find the best option to buy an automobile : Suppose you want to buy an automobile for $34,633. The dealer offers you 0% financing for 72 months or a $3,076 rebate. You can get financing for 72 months at the local bank.
Explain the impact of mis in organizations : Explain The Impact of MIS in Organizations and Industrial completions and organizational strategy of your organization.
Internal control framework : You have learned that the internal control framework for most U.S. companies is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework, issued in 1992.
Aspects of piagets theory : Synthesize Piaget's theory of cognitive development and Vygotsky's, including in each the important aspects of their theories.
Objective questions based on finance problems : How do public oversight boards help prevent financial statement fraud? About half of all financial statement fraud crimes involve:
Risks with physically accounting for inventory : You are responsible for auditing a wholesale cosmetics distributor with an inventory consisting of thousands of individual items.
Determine the total value : Firm L has debt with a market value of $200,000 and a yield of 9 percent. The company's equity has a market value of $300,000, its earnings are growing at a 5% rate, and its tax rate is 40 percent.

Reviews

Write a Review

Auditing Questions & Answers

  Highest level of deficiency

State the highest level of deficiency that you think circumstances represent. Is it control deficiency, significant deficiency, or material weakness?

  Management fraud

Joseph Wellington, CFE, is preparing to give an educational presentation about management fraud at the annual ACFE conference, which will be held in Las Vegas.

  Auditing and assurance

Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to

  Feature of internal control

Many businesses receive most of their cash on credit sales through the mail. Suppose you own a business in which you must hire employees to handle cash receipts and perform the related accounting duties.

  Evaluation of internal control procedures

Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.

  Internal controls related to cash

What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash?

  Purposes of internal control system

Summarize the primary purposes of an internal control system. What are the three internal control objectives for financial reporting?

  Prepare all journal entries necessary

Prepare all journal entries necessary

  Risk in the audit plan

Classify the main account or group of accounts affected by this risk in the audit plan.

  Components of internal control system

What are some major components of an internal control system? Are these components always necessary?

  Prepare swag''s consolidated balance sheet

Prepare Swag's consolidated balance sheet

  Illustrate the tax issues

Illustrate the tax issues that are raised and the relevant sections of the legislation.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd