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Discussion Assignment Week 4

WHAT IS THE BEST INTERNAL CONTROL (IC) FRAMEWORK AND WHY IS IT THE MOST EFFECTIVE FOR YOU AND TO AN ORGANIZATION?

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Connard Landar
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15 views1 page

Discussion Assignment Week 4

WHAT IS THE BEST INTERNAL CONTROL (IC) FRAMEWORK AND WHY IS IT THE MOST EFFECTIVE FOR YOU AND TO AN ORGANIZATION?

Uploaded by

Connard Landar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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WHAT IS THE BEST INTERNAL CONTROL (IC) FRAMEWORK AND WHY IS IT THE MOST EFFECTIVE FOR YOU

AND TO AN ORGANIZATION?

An entity’s processes should be well-controlled by management and board. Internal control plays an
important role in the system, procedures and processes of the business. As part of achieving the best
internal control system for the entity, a framework is required in assessing and evaluating the plan of
organization and the procedures and records in accounting and administrative internal control.

On the other hand, internal control helps entities achieve important objectives and sustain and improve
performance. Undeniably, the COSO’s Internal Control Framework is likely suitable for most effective
framework to an organization.

The Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) framework for
internal business controls helps organizations ensure that their financial statements are accurate, their
assets and stakeholders are protected from fraud, and their operations are running efficiently and
effectively. Its guidance encompasses the entire organization, from auditing to IT (Guide to COSO
Framework and Compliance, 2019).

Although COSO is the most widely used framework for internal controls, compliance can be challenging
and expensive. But it’s not as costly or difficult as recovering from fraud, theft, reputational loss, or legal
penalties.

More importantly, COSO Internal Control Framework enables the organization to effectively and
efficiently develop systems of internal control that adapt to changing business and operating
environment, mitigate risks to different acceptable levels, and support sound decision making and
governance of the organization.

References:

 Guide to COSO Framework and Compliance. (December 2019). Reciprocity. Retrieved on


November 9, 2021. https://reciprocity.com/guide-to-coso-framework-and-compliance/
 Everson, M., Soske, S., Martens, F., et.al. (May 2013). Internal Control-Integrated Framework.
COSO Organization. Retrieved on November 9, 2021.
https://www.coso.org/documents/990025p-executive-summary-final-may20.pdf

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