Resources: "Using the New COSO Risk-Management Guidance" article and the Riordan Virtual Organization located on the student website‚ and the Committee of Sponsoring Organizations of the Treadway Commission (COSO) website at www.coso.org. Read the article "Using the New COSO Risk-Management Guidance". Read The Executive Summary of the article Enterprise Risk Management — Integrated Framework at the COSO website: • On the home page‚ click the Guidance tab. • Select the Enterprise Risk Management
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criteria for internal controls has been established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). “The COSO internal components include the following: 1) Control Environment‚ 2) Risk Assessment‚ 3) Control Activities‚ 4) Information and Communication 5) Monitoring” (Arens‚ Elder‚ & Beasley‚ 2007‚ p. 294). AOW has followed the criteria set forth by COSO and also by generally accepted auditing principles for the purpose of expressing an opinion about the financial statements
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Enron: Tone at the Top The fall of Enron is not just one of the largest bankruptcies in U.S. history‚ but in my opinion‚ a landmark case study of the lack of business ethics in an organization. Enron’s downfall‚ along with the demise of Arthur Andersen‚ one of the largest public accounting firms at the time‚ brought about a swift change in U.S. regulations governing how publicly traded companies reported their financials. While the top brass at Enron pled ignorance to the fact that they had no control
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a robust professional judgment process. A good judgment process followed consistently can help improve decision-making and oversight‚ but “traps and biases” can undermine the process. Consider using a formal judgment process as described in the COSO paper (adapted from KPMG’s Professional Judgment Framework): 1) define the problem and identify fundamental objectives; 2) consider alternatives; 3) gather and evaluate information; 4) reach
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Committee of Sponsoring Organizations of the Treadway Commission (COSO). Students apply the business law principles they have studied throughout the course to create a corporate compliance plan that identifies the legal aspects that management must address. In preparing the plan‚ students must apply all of the key concepts discussed throughout the course; in particular‚ the affect that the Sarbanes-Oxley Act has on the Riordan and how COSO guidelines can assist with compliance. Resources Required
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this just made it harder for fraud to occur. There were and still are several grey areas that the players involved exploit. 2. Name and briefly describe the five components of COSO’s internal control framework. (10 points) The five components of COSO are as follows: a. Control Environment: Basically means that the leaders of the organization set the tone for ethics and enforce them with a code of conduct followed by consequences when not abided by. b. Risk assessment: this just means they check
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Csc θ = 5/3 cos θ = 4/5 sec θ = 5/4 4sinƟcosƟ + 2√3 sinƟ – 2√3 cosƟ – 3 = 0 (4sinƟcosƟ + 2√3 sinƟ) – (2√3 cosƟ + 3) = 0 make it into two groups. Attention! Be careful with your sign! 2sinƟ(2cosƟ+√3) – √3(2cosƟ+√3) = 0 for each group‚ factor out the common factor (2cosƟ+√3)(2sinƟ – √3) = 0 we have (2cosƟ+√3) as my common factor‚ so I can factor it out. 2cosƟ+√3 = 0‚ 2sinƟ – √3 = 0 cosƟ = – √3/2‚ sinƟ = √3/2 Then‚ you can draw the unit circle to find the
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Below are the revised case lists for CS532 students using 11th Edition of text book. You will be asked to choose ONE of the following individual projects from each group‚ answering the questions posed at the end of the case: · (Individual) Due 7/19/11: (Choose one of the following) · Page 10-11 Virtual Meetings: Smart Management · Page 23-24 UPS Completes Globally with Information Technology · Page 50-51 Air Canada Takes Off with Maintenex · Page 53-54 Fresh‚ Hot‚ Fast Can Information Systems
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References: Applegate‚ D. (1999). Struggling to incorporate the COSO recommendations into your audit process? The Institute of Internal Auditors. Retrieved January 9‚ 2010‚ from http://www.cosco.org/audit_shop.htm COSO-Committee of Sponsoring Organizations of the Treadway Commission home page. Retrieved January 9‚ 2010‚ from http://www.coso.org/default.htm Jennings‚ M. (2006). Business:
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ethical values and competence of the entity’s people. (coso) Top management of LBJ Company should make it clear that the company values integrity and that unethical behavior will not be tolerated. Risk assessment – The organization must identify and analyze the different factors that generate risk for the business and must decide how to manage these risks. Because economic industry‚ regulatory and operating conditions will continue to change. (coso) Information and Communication –
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