Identify the organization objectives categories that management must meet to achieve company goals and how are...

Identify the organization objectives categories that management must meet to achieve company goals and how are they related to the COSO Framework of Enterprise Risk Management (ERM) risk components of internal control? Please be brief and precise!

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Expert Solution

Enterprise Risk Management ( ERM) : ERM is nothing but simple continuous process of identification , assessing, controlling as well as reporting opportunities and threats that would affect organizational Objective.

Although ERM ( COSO) deals with two events in broader basis:

- Event which are impacting negatively and hinder for organizational objective

- Event which are getting set off with positive and negative impact

Organizational Objective:

- Operational Objective: Efficiency and effectiveness of the entity operations i.e employees are required to be paid wages as per production hours.

- Financial Reporting Objective: Presentation of Financial Statement in its completeness and accuracy i.e Payroll expenses should be correctly calculated and reported in Financial Statements

- Compliance Objective: Adherence to applicable Laws and Regulations. i.e deduction of payroll taxes as required by laws and regulations.

In order to achieve above objective he control, process and risk mitigation measures taken as adequate. The working of Internal Control is to achieve the objective, Mitigate the risk ( Dual Performance )

- Identifying the control areas

- Analyzing the control levels

- Enhancing the Control Level

- Determining the level of control at acceptable level

ekkarill92 answered 1 year ago

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