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Evaluating accounting control systems - Essay Example
Author : lebert
Finance & Accounting
Pages 4 (1004 words)
Finance and Accounting November 27, 2011 Evaluating Accounting Control Systems Introduction: The COCO framework is one of the models of internal accounting control, which is used by many firms to maintain accurate financial reports…
The meaning of internal control has changed over the recent years with the development of various internal control models. The COCO model is one of those models. Stone Creek Church in Urbana, Illinois has adopted the COCO framework model for their Internal accounting control system. The Coco model, which builds on COSO (another internal account control model) is the most user-friendly and concrete method. “The COSO framework is the reference model, which is written from the point of view that basically it makes the organizational member of the internal control be thorough who includes the manager from the standpoint of the shareholder” (COSO Framework Para 10). The COSO framework describes internal control as a procedure, influenced by an entity’s management, board of directors and other workers, which is planned to provide reasonable assurance concerning the attainment of objectives. As stated the earlier Stone Creek Church in Urbana, Illinois has used the COCO framework model. The Stone Creek Church in Urbana always has to in excess of two persons to handle the cash. The money is never in one person’s situation anytime for protection. ...
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