Research Paper on COSO framework
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%26Total Score: Medium risk BHANUKRISHNA MOKKA
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Word Count: 1,178 COSO_Framework_Research_Paper_BhanuKrishna_Mokka.docx
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Running head: COSO FRAMEWORK COMPONENTS 1
COSO FRAMEWORK COMPONENTS 8
COSO Framework Components
BhanuKrishna Mokka
ITS-831 - Infotech Importance in Strategic Planning University of the Cumberlands
Dr. Eric Hollis
March 28, 2020
Abstract
The utilization of the COSO framework in an internal audit of firms is imperative in the identification of accomplished objectives. Additionally, the framework provides analyses of risks in the external and internal environment, which can impact business operations. Risks identification has an impact on the financial performance of the business. Control activities ensure procedures and policies are followed, whereas a control environment enables integrity and ethics in the managerial activities of the employees. This ensures operations, procedures, and organizational activities are done as per the set standards for compliance and accountability. Information and communication effectiveness ensure message conveyance and feedback. Monitoring and review activities provide feedback for improvement activities in the
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evaluation of internal control system effectiveness. Achievement of objectives and optimal operations assist the business to operate smoothly within accountability, compliance, and reliability elements in internal control. The elements are imperative in financial auditing practices in financial reporting. The integrated internal
control framework provides security in the achievement of objectives.
Introduction The Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework components is imperative in business processes for efficacy and effectiveness. The framework provides security in the achievement of objectives with respect to business operations. The activities within the components are significant in auditing, as well as internal control during reporting. The management of the business entity has to ensure the framework is undertaken to curb risks in financial performance besides improving management effectiveness. Accountability, reliability, and compliance with regulation are upheld through the framework components. The components can also be used in evaluating internal operational activities. Framework Components The components consist of interrelated concepts that are utilized in the management of the business. Understanding the scope and dimension of the components will enable the identification of its impact on the business objectives. The components are as discussed below.
Control Environment The control environment entails managerial activities that create an organizational environment with internal control in ethical and governance standards. This is in support of business employees in the organizational culture. Discipline and structure in the organizational framework ensure an acceptable and significant in managing people (Sari et al., 2018). Integrity in administration also to be upheld in order to ensure accountability and compliance. The control environment can impact business objectives in that adopting managerial practices in employee management has to consider the ethical standards required for compliance. Additionally, the component also impacts management style affecting delegation and control of people as per the standards of conduct.
Risk Assessment The identification and analyses of risks in the internal and external environment have to be carried out in the achievement of organization objectives (Sari, R., Kosala, R., Ranti, B. & Supangkat, S, 2018). This is to identify ways to manage the risks and how they can impact business operations. The process results in the adoption of internal controls to mitigate the risks as per the assigned objectives. Further, the assessment leads to factor analysis, which is essential in the management of risks (Rae et al., 2017). The component impacts business objectives as their development and achievement have to consider risks in the environment. This can affect profits as well as the performance of the organization, which also influences organizational reputation.
Control Activities The component includes procedures and policies carried out in operating processes through management directives. Directives given are
significant in mitigating risks identified in objectives achievement (Sari et al., 2018). The controls are in all functions and levels. Approvals, verifications, performance reviews, and authorizations have to be observed in the processes for the control activities (Anderson & Eubanks, 2015). The control activities can impact the reporting of audits as approval, as well as authorization, has to be followed in the reporting structures, which might affect oversight responsibilities of the auditor. Information and Communication Communication and information systems enhance effectiveness in the communication processes in operation and control of business operations. Policies and procedures, as communicated, influence accountability and compliance (Sari et al., 2018). Further, communication with external stakeholders supports the chain supply process.
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This is essential in logistics technology in communication with external parties and data analytics (Jin & Kim, 2018). Data collected from the processes are utilized in an analytical application in objectives achievement and enhanced decision-making. The component can impact objective achievement in that information obtained has to be relevant and applicable in control and risk management.
Monitoring and Review Evaluation of the components should be done in a timely and effective manner in the provision of feedback. The feedback extends to compliance reporting besides been essential in financial reporting (Sari et al., 2018). Deficiencies in the framework components are reported for corrective action. The component is a continuous process; hence a continuous improvement of the operational systems is observed (Anderson & Eubanks, 2015). Separate and ongoing evaluations are carried for management and control measures reporting. The changes from the monitoring and review processes can impact internal audit assurance and control due to communication deficiencies. This can influence the accomplishment of objectives in a systematic approach.
Integrating COSO Framework into Company Integrating the framework compliance in the warehouse systems organization can be imperative in internal audit services offered to clients. This will ensure that all auditors are informed on the framework components and how changes can impact their procedures in effectiveness assurance. Additionally, the framework integration can be combined with technology, especially on business intelligence for efficiency. Data obtained from the business intelligence processes can be utilized in all components reducing errors and baseline monitoring activities that utilize data analytics. This will ensure that real-time information is provided to the warehouse firm, which is accurate and reliable.
Conclusion The framework components are essential in internal control processes as well as compliance with regulations. Risks assessment and management results in control activities and environment for operational effectiveness. Further, information and communication systems enhance reporting of activities through the identified procedures reducing communication deficiencies. Monitoring and review as a continuous process ensure continuous improvement through the evaluation of defects in the existing components. The framework can be enhanced through the integration of data analytics and business intelligence minimizing errors and promoting data reliability.
References Anderson, D. & Eubanks, G. (2015). Governance and internal control: Leveraging COSO across the three lines of defense. COSO. Retrieved from
https://aechile.cl/wp-content/uploads/2015/07/COSO-2015-3LOD-PDF-1.pdf
Jin, D. & Kim, H. (2018). Integrated understanding of big data, big data analysis, and business intelligence: a case study of logistics. Sustainability case report.
Retrieved from https://www.mdpi.com/journal/sustainability
Rae, K., Sands, J. & Subramaniam, N. (2017). Associations among the five components within COSO internal control-integrated framework as the
underpinning of quality corporate governance. Special issue on corporate governance 3(11). Retrieved from https://ro.uow.edu.au/cgi/viewcontent.cgi?
article=1752&context=aabfj
Sari, R., Kosala, R., Ranti, B. & Supangkat, S. (2018). COSO framework for warehouse management internal control evaluation: enabling smart warehouse
systems.
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COSO FRAMEWORK COMPONENTS 1
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COMPONENTS OF COSO FRAMEWORK 1
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COSO FRAMEWORK COMPONENTS 8 COSO Framework Components
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Components of COSO Framework Components of COSO Framework
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March 28, 2020
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The integrated internal control framework provides security in the achievement of objectives.
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Internal Control — Integrated Framework
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The components are as discussed below.
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Seven are discussed below
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Control Activities The component includes procedures and policies carried out in operating processes through management directives.
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Control activities are the policies and procedures that help ensure that management directives are carried out
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References Anderson, D.
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D., & Anderson, A
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Leveraging COSO across the three lines of defense.
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Leveraging COSO across the three lines of defense
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Integrated understanding of big data, big data analysis, and business intelligence: a case study of logistics.
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Integrated Understanding of Big Data, Big Data Analysis, and Business Intelligence A Case Study of Logistics
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Retrieved from https://www.mdpi.com/journal/sustainab ility
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Retrieved from https://www.mdpi.com/journal/sustainab ility
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Rae, K., Sands, J.
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Rae, K., J
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Associations among the five components within COSO internal control-integrated framework as the underpinning of quality corporate governance.
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Associations among the five components within COSO internal control-integrated framework as the underpinning of quality corporate governance
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Retrieved from https://ro.uow.edu.au/cgi/viewcontent.cg i?article=1752&context=aabfj
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Retrieved from https://ro.uow.edu.au/cgi/viewcontent.cg i
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Sari, R., Kosala, R., Ranti, B.
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Sari, R., Kosala, R., Ranti, B., & Supangkat, S
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COSO framework for warehouse management internal control evaluation: enabling smart warehouse systems.
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COSO Framework for Warehouse Management Internal Control Evaluation Enabling Smart Warehouse Systems
