Question

Explain COSO internal control-integrated framework? Give example of Saudi organizations that uses COSO framework? (write with max 200 words with evidence in your own words)

Accounting Information System

Answer 1

COSO developed a framework for evaluating internal controls. This model are generally accepted framework for internal control and is widely recognized as the definitive standard against which organization measure the effectiveness of their system of internal control. The process by which an entity's board of directors, management, and other personnel, designed to provide reasonable assurance of the achievement of objectives. Effectiveness and efficiency of operations. Reliability of financial reporting Compliance with applicable laws and regulations. Five components work to support the achievement of an entitys mission, strategies and related business objectives. 1)control environment board of directors ,organizational structure, human resource policies and procedures, management philosophy and operating style. risk assessment company wide objectives process level objectives managing change. Control activities outsourcing application change security monitoring ongoing monitoring separate evaluating reporting deficiencies . These component work to establish the foundation for sound internal control within the company through directed leadership, shared values, and a culture that shows accountability of control. the entire system of internal control is monitored continuously and problems are addressed timely. Example like KPMG, Protiviti, Despite follow this pattern.