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SafeAssign Originality Report
Spring 2020 - InfoTech Import in Strat Plan (ITS-831-0… •
Week 6 Research Paper: COSO Framework
%41Total Score: High risk
Vikeshkumar Dipakkumar Desai
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COSO Framework.docx
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COSO Framework.docx
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Running head: COSO FRAMEWORK 1
COSO FRAMEWORK 2
COSO Framework
Name: Vikesh Desai
University of the Cumberland’s
Info Tech Import in Strat Plan (ITS-831-02) Date: February 15,
2020
COSO Framework
In 1985, five largest finance, accounting, and auditing oversight
committees in the U.S established the Committee of Sponsoring
Organizations
(COSO) to patron National Committee on Fraudulent Financial
Reporting. The National Committee established a guide to guide
tackle internal con-
trols, fraud prevention, and enterprise risk, management. This
paper focuses on internal controls. The COSO framework
expresses internal control
as an approach intended to offer practical assurance of objective
attainment, including operations efficiency and effectiveness,
financial reporting
dependability, and pertinent laws and regulations compliance.
The COSO framework comprises of five components which
affect these objec-
tives, the core of internal control. The control environment is

the initial constituent. This component encompasses a set of
ideals, structures, and
processes, offering a footing for the implementation of internal
control throughout an organization (Pearlson, Saunders &
Galletta, 2019). The board
of directors and executives in an organization set the tone with
regard to internal control significance in the organization.
Senior management
reinforces expectations at various organizational levels. Control
environment entails organizational ethics and integrity,
organizational structure and
authority and responsibility assignment, the parameters to
empower the board of directors to fulfil its responsibility of
governance oversight, and
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authority and responsibility assignment, the parameters to
empower the board of directors to fulfil its responsibility of
governance oversight, and
human resource procedures and policies (Pearlson et al., 2019).
Control environment is the footing in which an effectual
internal control system is
built for an organization to function effectually and efficiently,
to offer dependable reporting, and conform with all pertinent
laws and regulations
(Uwadiae, 2015). The right people in the right roles are critical
to the success of the control environment component. The
second component is risk
assessment, which offers a base for establishing how an
organization manages risks (Sari, Kosala, Ranti & Supangkat,
2018). Every organization
faces various risks, both from internal and external sources.
Risk entails the likelihood that an adverse event will take place
and will negatively im-
pact objective attainment. Risk assessment encompasses an
active approach for recognizing and evaluating risks to the
success of goals. This com-
ponent necessitates management to take into account the effect
of probable changes in both external and internal setting and
establish actions to
manage the impact (Sari et al., 2018). A prerequisite to risk
assessment is establishing goals at various organizational
levels. An organization stipu-
lates goals relating to processes, reporting, and amenability so

as to recognize and examine risks to these goals sufficiently.
Risk assessment en-
ables and organization to effectively identify, analyze, and
mitigate risks in the internal process of an organization to
facilitate effective and effectual
processes, dependable reporting, and complying with all
pertinent laws and regulations (Uwadiae, 2015). The third
component is control activi-
ties. This element comprises actions detailed in procedures,
policies, and standards which help an organization to mitigate
risks to ensure objective
attainment. In simple terms, control activities entail actions for
minimization of risks (Janvrin, Payne, Byrnes, Schneider &
Curtis, 2012). Control
activities are performed at all organizational stages and at
different levels of business processes. The need for control
activities is established in the
process of risk assessment. Control activities are either
preventive (actions to deter the occurrence of adverse events) or
detective (actions to identi-
fy adverse events before they occur) in nature and may entail
various manual and automated activities (Janvrin et al., 2012).
Control activities en-
compass the selection, design, and implementation of control
activities that contribute to risk moderation and over the
technology environment to
achieve the objectives. The better the control activities, the
more successful an organization is at achieving the COSO
framework objectives. The
fourth component is information and communication. Info is
needed for an organization to implement responsibilities of
internal control to enable
the attainment of internal control goals (Pearlson et al., 2019).
Management obtains info from both external and internal
avenues. Communication,
both externally and internally, offers an organization with

needed info to implement daily internal control activities, as
required to respond to and
support the achievement of objectives (Pearlson et al., 2019).
Communications allow organizational staff to comprehend
obligations of internal con-
trol and its significance to the attainment of goals. Information
and communication component encompass generation and usage
of appropriate,
quality info and interior and exterior communication of that
information to enable internal control functioning.
6
7
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Having accurate info at the correct time and communicating that
information is critical to successful and effectual operations,
consistent reporting,
and conforming with laws and regulations in this complex
business environment (Rae, Sands & Subramaniam, 2017). The
fifth and final component
is monitoring, which entails ongoing, separate evaluation, or a
combination of the two to verify the functioning of the five
internal control compo-
nents (Rae et al., 2017). Ongoing evaluation is carried out in a
real-time basis and is built into the routine operations while
separate evaluation is car-
ried out periodically. Evaluation findings are examined, and
deficiencies communicated. Monitoring addresses how all the
five internal control com-
ponents are applied and establishes if the internal control is
operating efficiently and effectively (Sari et al., 2018). In an IT

audit, the auditor
would be more concerned about the control activities.
According to Hall (2015), IT audit encompasses examination of
controls withing IT in-
frastructure to establish if controls in place are safeguarding
organizational assets and operating effectively to achieve
organizational objectives.
Control installation is not enough to offer adequate security, but
the appropriate installation of effective controls is necessary
(Hall, 2015). The audi-
tor tests control activities to determine their adequacy and
effectiveness. Thus, an auditor in an IT audit would be more
concerned about control ac-
tivities to determine the ability of the control activities in place
to protect organizational information assets and properly
communicate information
to authorized individuals. Implementing the COSO framework
necessitates assessing the five components and the principles
against the current in-
ternal control system of the organization and adjusting
accordingly. This framework is implemented in five stages. The
initial phase encompasses
plan and scope. In this phase, an implementation team is
established, which develops implementation plans and the scope
of implementing the
framework (Moeller, 2013). The team also evaluated the COSO
framework components. The second stage entails assessing and
documenting.
In this stage, the implementation team assesses the control
structure of the organization to determine if it needs COSO
framework guidelines. The
team also documents existing processes and controls and carries
out a gap assessment (Moeller, 2013). The third phase is the
implementation of
the remediation plan in which the gaps are remediated. The
fourth phase entails designing, testing, and reporting of the

framework. The fifth and
final phase is optimizing the efficacy of the internal controls to
ensure that the COSO framework mesh with the organization’s
goals and strategies
(Moeller, 2013). Also, monitoring is important to ensure the
controls remain effective. In conclusion, the COSO framework
components lay a footing
for comprehensive internal control with an organization through
sound management and philosophy, stressing responsibility for
control. The risks
confronting an organization are recognized and evaluated
regularly at all organizational level and control activities put in
place to mitigate these
risks. Info is vital to risk identification and achieving
organizational objectives, and this information is passed down
through developed communica-
tion avenues in an organization. Monitoring the whole internal
control systems essential for it to function effectively and
efficiently.
References
Hall, J. A. (2015). Information technology auditing. Cengage
Learning. Janvrin, D. J., Payne, E. A., Byrnes, P., Schneider, G.
P., & Curtis, M. B. (2012).
The updated COSO Internal Control—Integrated Framework:
Recommendations and opportunities for future research. Journal
of Information
Systems, 26(2), 189-213. Moeller, R. R. (2013). Executive's
Guide to COSO Internal Controls: Understanding and
Implementing the New Frame-
work. John Wiley & Sons. Pearlson, K. E., Saunders, C. S., &
Galletta, D. F. (2019). Managing and using information
systems: A
strategic approach. John Wiley & Sons. Rae, K., Sands, J., &

Subramaniam, N. (2017). Associations among the five
components within COSO inter-
nal control-integrated framework as the underpinning of quality
corporate governance. Australasian Accounting, Business and
Finance Journal,
11(1), 28-54. Sari, R., Kosala, R., Ranti, B., & Supangkat, S. H.
(2018, October). COSO Framework for Warehouse Management
Internal Control
Evaluation: Enabling Smart Warehouse Systems. In 2018
International Conference on ICT for Smart Society (ICISS) (pp.
1-5). IEEE. Uwadiae, O. (2015).
COSO–An Approach to Internal Control Framework. Delloite,
Retrieved from
https://www2.deloitte.com/ng/en/pages/audit/articles/financial-
re-
porting/coso-an-approach-to-internal-control-framework.html
1
4
8
9
1 1 10 1
1
1
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COSO FRAMEWORK 1
Original source
COSO FRAMEWORK 1
2
Student paper
COSO FRAMEWORK 2
Original source
coso framework 2
2
Student paper
University of the Cumberland’s
Original source
University of Cumberland’s
3
Student paper
February 15, 2020

Original source
February 15, 2020
2
Student paper
In 1985, five largest finance, account-
ing, and auditing oversight commit-
tees in the U.S established the Com-
mittee of Sponsoring Organizations
(COSO) to patron National Commit-
tee on Fraudulent Financial
Reporting.
Original source
Components of the COSO Frame-
work The Committee of Sponsoring
Organizations of the Treadway Com-
mission (COSO) was founded in 1985
by five United States’ largest finance,
auditing, and accounting oversight
committees
4
Student paper
The COSO framework comprises of
five components which affect these
objectives, the core of internal
control.
Original source

COSO Framework for Internal Con-
trols comprises of five components
5
Student paper
Senior management reinforces ex-
pectations at various organizational
levels.
Original source
Management reinforces expecta-
tions at the various levels of the
organization
6
Student paper
Every organization faces various
risks, both from internal and exter-
nal sources.
Original source
Every organization encounters risks
from both internal and external
sources
7
Student paper

The third component is control
activities.
Original source
The third component is to control
activities
5
Student paper
Control activities are performed at
all organizational stages and at dif-
ferent levels of business processes.
Original source
Control activities are performed at
all levels of the entity, at various
stages within business processes,
and over the technology
environment
7
Student paper
The fourth component is informa-
tion and communication.
Original source
The fourth component is informa-
tion and communications

1
Student paper
In an IT audit, the auditor would be
more concerned about the control
activities.
Original source
Auditor would most be concerned
during an IT audit
4
Student paper
The team also evaluated the COSO
framework components.
Original source
COSO FRAMEWORK - COMPONENTS
8
Student paper
The updated COSO Internal Control
—Integrated Framework:
Original source
The Updated COSO Internal Control
Framework

9
Student paper
Executive's Guide to COSO Internal
Controls:
Original source
Executive’s Guide to COSO Internal
Controls
1
Student paper
John Wiley & Sons.
Original source
John Wiley & Sons
Student paper 100%
Student paper 100%
Student paper 100%

Student paper 100%
Student paper 100%
Student paper 96%
1
Student paper
E., Saunders, C. S., & Galletta, D.
Original source
E., Saunders, C S., & Galletta, D
10
Student paper
Managing and using information
systems:
Original source
Managing and using information
systems
1
Student paper
A strategic approach. John Wiley &
Sons. Rae, K., Sands, J., & Subramani-
am, N.

Original source
a strategic approach John Wiley &
Sons Rae, K., Sands, J., & Subramani-
am, N
1
Student paper
Associations among the five compo-
nents within COSO internal control-
integrated framework as the under-
pinning of quality corporate gover-
nance. Australasian Accounting,
Business and Finance Journal, 11(1),
28-54. Sari, R., Kosala, R., Ranti, B., &
Supangkat, S.
Original source
Associations among the five compo-
nents within COSO internal control
integrated framework as the under-
pinning of quality corporate gover-
nance Australasian Accounting, Busi-
ness and Finance Journal, 11(1), 28-
54 Sari, R., Kosala, R., Ranti, B., & Su-
pangkat, S
1
Student paper
COSO Framework for Warehouse
Management Internal Control Evalu-

ation: Enabling Smart Warehouse
Systems. In 2018 International Con-
ference on ICT for Smart Society
(ICISS) (pp.
Original source
COSO Framework for Warehouse
Management Internal Control Evalu-
ation Enabling Smart Warehouse
Systems In 2018 International Con-
ference on ICT for Smart Society
(ICISS) (pp
11
Student paper
COSO–An Approach to Internal Con-
trol Framework. Delloite, Retrieved
from
https://www2.deloitte.com/ng/en/pa
ges/audit/articles/financial-report-
ing/coso-an-approach-to-internal-
control-framework.html
Original source
COSO - An Approach to Internal Con-
trol Framework https://www2.de-
loitte.com/ng/en/pages/audit/arti-
cles/financial-reporting/coso-an-ap-
proach-to-internal-control-
framework.html

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