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!

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 2 years ago

The characteristics or attributes that managers must achieve to drive the organization toward its goals are...

The characteristics or attributes that managers must achieve to drive the organization toward its goals are 1. Nonfinancial performance measures 2. Targets 3. Key success factors 4. Objectives

The question is, identify the shareholders' objectives and the management objectives and how these objectives align...

The question is, identify the shareholders' objectives and the management objectives and how these objectives align to achieve the company's goals. Class: Commercial Finance

How do marketers use pricing strategy and pricing objectives to achieve their goals? Discuss

Identify some actions to take to achieve financial goals.

Provide an overview of the objectives and goals of Total Quality Management How might the Total...

Provide an overview of the objectives and goals of Total Quality Management How might the Total Quality Management (TQM) be used in a Supply Chain environment?

Managers use the planning process to set objectives and identify how to achieve them. What are...

Managers use the planning process to set objectives and identify how to achieve them. What are good objectives in the first three years after graduation? How do you plan to achieve them? Please don't hand write. Thank you.

Identify two important operating standards that are routinely measured in your organization. These measures must meet...

Identify two important operating standards that are routinely measured in your organization. These measures must meet the criteria for qualitative, nominal measures. Observations must be cross-classified into a contingency table. Obtain a sample that will produce at least five observations into each group of the cross-classification. Purpose: To demonstrate the application of non-parametric tests in your organization. Example: A standard measure that fits these requirements is the human resource department’s employee tracking system. The director of human resources of my company wants...

Question