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explain how "coso framework" can be applied in a computerised environment
Finance & Accounting
Pages 3 (753 words)
How "Coso Framework" Can be Applied in a Computerised Environment Student Name: Subject: Professor: February 9, 2012 The COSO Framework fits comfortably well in the computerised United Kingdom organisations’ environments. The research delves on the importance of internal control activities.
COSO is an internal auditing standard. Internal control activities include all procedures required for ensuring financial statements that are true and correct, not tainted with errors or frauds. The COSO framework helps entities improve the management of the economy and efficiency of business operations (Cascarino, 2012). Control Activities: Control activities focus on ensuring all management policies and directives are implemented. The control activities include gathering valid and relevant data. Data pertains to the competitors, economy, and regulatory measure compliance. Management uses the control activities to reduce the effects of risks (Regan, 2004). Policies and Procedures. Management responsibilities include the implementation of the COSO Framework’s internal control policies and procedures. The aspects focus on being aware of any possible operational risks. Being aware includes pinpointing current and future business and other computerised environment risks. Consequently, management should focus the COSO Framework on resolving current and future risks that crop up during each business operation. ...
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