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    Archived pages: 18 . Archive date: 2013-10.

  • Title: Home
    Descriptive info: .. Coso.. home.. about us.. guidance.. newsroom.. Board.. Sponsoring organizations:.. Welcome to COSO.. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a joint initiative of the five private sector organizations listed on the left and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence.. We hope you will find the information on this site to be helpful and we welcome your input.. For information on discounts available to qualified university professors and their students, please contact Joanna Dabrowska at.. jdabrow1@depaul.. edu.. What's New.. June 25, 2013.. Managing Sustainability Risks the Focus of COSO s Latest Thought Leadership.. In response to today s highly competitive markets and the growing number of organizations integrating sustainability into their business operations, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and Ernst Young LLP (EY) have published a new thought paper titled.. Demystifying Sustainability Risk: Integrating the triple bottom line into an enterprise risk management program.. The thought paper leverages COSO s.. Enterprise Risk Management Integrated Framework.. to offer insight on how organizations can develop interrelated strategies and objectives across the enterprise that create a strong context for risk consideration, and references.. Read.. press release.. thought paper.. June 6.. 2013.. Article Discusses Transition to 2013 Internal Control Integrated Framework for Sarbanes-Oxley Section 404 Compliance.. COSO has issued an article aimed at assisting public companies comply with Section 404 of the U.. S.. Sarbanes-Oxley Act of 2002.. The article outlines an example of one approach to transitioning to COSO s.. 2013 Internal Control Integrated Framework.. (Framework) from the original framework published in 1992.. Press Release.. Article.. June 03, 2013.. Leading Risk Management and Internal Control Professional Robert  ...   clarify the requirements for determining what constitutes effective internal control.. COSO has also issued.. Illustrative Tools for Assessing Effectiveness of a System of Internal Control.. and the.. Internal Control over External Financial Reporting (ICEFR): A Compendium of Approaches and Examples.. The.. Illustrative Tools.. are expected to assist users when assessing whether a system of internal control meets the requirements set forth in the updated.. ICEFR Compendium.. is particularly relevant to those who prepare financial statements for external purposes based upon requirements set forth in the updated.. Download.. Executive Summary.. FAQs.. Download.. PowerPoint Slides.. Purchase.. Framework and Tools.. March 20, 2013.. COSO to Issue Updated.. Framework.. in May.. The COSO Board has approved its updated.. Internal Control Integrated Framework: 2013 (Framework).. and expects to issue iton May 14, 2013.. The issuance will also include a volume of.. COSO also expects to issue simultaneously.. Internal Control over External Financial Reporting: A Compendium of Approaches and Examples,.. which has been developed to assist users when applying the.. to external financial reporting objectives.. To learn more about this, as well as guidance on transition to the new.. Read the full.. April 2 , 2012.. COSO Develops Draft Update to.. Internal Control - Integrated Framework.. Public Comment Period Now Closed.. In December, COSO released for public comment a draft update to the 1992 Internal Control Integrated Framework (Framework) intended to help organizations improve performance with greater agility, confidence and clarity.. The public comment period ended on March 31, and the final updated Framework is slated to be released in early 2013.. View Exposure Draft.. View the.. Public Comments.. Frequently Asked Questions.. PowerPoint Presentation.. Read Initial.. Published December 19, 2011.. Contact Us.. Copyright 1985-2012 The Committee of Sponsoring Organizations of the Treadway Commission.. All rights reserved..

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  • Title: aboutus
    Descriptive info: About Us.. Mission.. The Committee of Sponsoring Organizations (COSO) mission is to provide thought leadership through the development of comprehensive frameworks and guidance on enterprise risk management, internal control and fraud deterrence designed to improve organizational performance and governance and to reduce the extent of fraud in organizations.. Vision.. COSO s vision is to be a recognized thought leader in the global marketplace on the development of guidance in the areas of risk and control which enable good organizational governance and reduction of fraud.. History.. COSO was organized in 1985 to sponsor the National Commission on Fraudulent Financial Reporting, an independent private-sector initiative that studied the causal factors that can lead to fraudulent financial reporting.. It also developed recommendations for public companies and their independent auditors, for the SEC and other regulators, and for educational institutions.. The National Commission was sponsored jointly by five major professional associations headquartered in the United States: the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), The Institute of Internal Auditors (IIA), and the National Association of Accountants (now the Institute of Management Accountants [IMA]).. Wholly independent of each of the sponsoring organizations, the Commission included representatives from industry, public accounting, investment firms, and the New York Stock Exchange.. The first chairman of the National Commission was James C.. Treadway, Jr.. , Executive Vice President and General Counsel, Paine Webber Incorporated and a former Commissioner of the U.. Securities and Exchange Commission.. Hence, the popular name Treadway Commission.. Currently, the COSO Chairman is Robert Hirth.. COSO s goal is to provide thought leadership dealing with three interrelated subjects: enterprise risk management (ERM), internal control, and fraud deterrence.. Regarding ERM, in 2004 COSO issued.. Enterprise Risk Management Integrated Framework.. COSO has also published several thought papers beginning in 2009 relating to ERM.. These thought papers are available for free download under Guidance tab.. Regarding internal control, in 1992 COSO published.. Internal Control Integrated Framework.. Then, in 1996 COSO issued.. Internal Control Issues in Derivatives Usage.. In 2006 COSO published.. Internal Control over Financial Reporting Guidance for Smaller Public Companies,.. followed by.. Guidance on Monitoring Internal Control Systems.. published in 2009.. At the end of 2010, COSO announced a project to update its 1992.. Finally, in the area of fraud deterrence, COSO has published two research studies.. The first study released in 1999 was titled.. Fraudulent Financial Reporting: 1987-1997.. A continuation study called.. Fraudulent Financial Reporting: 1998-2007.. was released in 2010.. Looking Ahead.. Looking ahead, COSO anticipates focusing on the following:.. Updating.. from 1992.. This initiative is expected to make the existing Framework and related evaluation tools more relevant in the increasingly complex business  ...   shall attempt to convene quarterly to review COSO s strategy, financial and operating performance, continuous process improvements and any other business such as work-in-progress or new projects.. COSO, within reason, will rotate these quarterly meetings at locations near each of the sponsoring organizations, with a conference call also being an option depending on the agenda.. COSO Chair:.. The COSO Chair is appointed by the unanimous vote of the sponsoring organization s members.. The term of the Chair shall be three years, renewable for additional years if agreed upon by the Chair and voted upon by COSO s committee members.. Appointment of Sub-Committees/Task Forces:.. COSO may form sub-committees or task forces at its discretion to advise COSO on guidance issues or research projects.. At its discretion, COSO may choose to communicate objectives, deliverables and resource requirements to the committee or task force.. Research and Guidance Projects:.. COSO can choose to engage third parties to conduct research on behalf of COSO.. The research must be aligned with COSO s mission.. Appointment and terms of compensation require the unanimous approval of COSO s committee members.. A COSO committee member can conduct the research but must recuse him/herself from the voting process.. Administrative Functions Performed for COSO:.. Since COSO is a committee that is sponsored by other organizations, there is a need for certain administrative functions of the committee to be performed by one or more of the sponsoring organizations or third parties.. The responsibilities of each organization may change over time to reflect either new responsibilities or to balance the overall administrative support of each sponsoring organization.. Some of the services provided to COSO include: accounting, licensing, public relations, website development, copyright, document translation oversight, administrative assistance and research.. Summaries.. Executive Summaries of all COSO.. are available online for free download.. Thought Papers.. Thought papers are available online for free download.. Click.. here.. to see a list of the thought papers.. Purchasing.. Click here.. to order a COSO publication.. Copyrights/Reprints.. To request English language licensing or permission to reprint COSO guidance in part or in whole,.. download the Copyright/Reprints request form.. ,.. complete and e-mail it to.. Applicants should receive a response from the AICPA permission team on behalf of COSO within 10 days.. Translation Requests:.. To request permission to translate COSO guidance,.. download the translation request form.. , complete it, and e-mail to.. Applicants should receive a response within two weeks.. For Media and Reporters Working on a News Story.. Scott McCallum at.. scott.. mccallum@theiia.. org.. For General Information and Inquiries About COSO.. Contact Joanna Dabrowska at.. University Professor/Student Discounts.. For information on discounts available to qualified university professors and their students, please contact Joanna Dabrowska at..

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  • Title: Guidance
    Descriptive info: Guidance.. Internal Controls.. Internal Control Intergrated Framework (2013).. To purchase click.. The 2013 COSO Framework SOX Compliance: One Approach to an Effective Transitiion (article).. To read click.. Internal Control Integrated Framework (1992).. Guidance on Monitoring Internal Control Systems (2009).. To Purchase click.. Internal Control over Financial Reporting Guidance for Smaller Public Companies (2006).. Internal Control Issues in Derivatives Usage (1996).. Enterprise Risk Management.. Enterprise Risk Management Integrated Framework (2004).. To purchase click.. *Demystifying Sustainability Risk: Integrating the triple bottom line into an enterprise risk management program.. To download click.. *ERM Risk Assessment in Practice (2012).. *Enterprise Risk Management for Cloud Computing.. (2012).. To download click.. *Enhancing Board Oversight by Avoiding and Challenging  ...   Practical Approaches for Getting Started.. (2011).. *Developing Key Risk Indicators to Strengthen Enterprise Risk Management.. *Board Risk Oversight A Progress Report: Where Boards of Directors Currently Stand in Executing their Risk Oversight Responsibilities.. (2010).. *COSO's 2010 Report on ERM: Current State of Enterprise Risk Oversight and Market Perceptions of COSO's ERM Framework (2010).. To download Click.. here.. *Strengthening Enterprise Risk Management for Strategic Advantage.. (2009).. *Effective Enterprise Risk Oversight: The Role of the Board of Directors.. *.. Thought Papers.. Fraud Deterrence.. Fraudulent Financial Reporting: 1998-2007 An Analysis of U.. Public Companies (2010).. Fraudulent Financial Reporting: 1987-1997 An Analysis of U.. Public Companies (1999).. Report of the National Commission on Fraudulent Financial Reporting (1987)..

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  • Title: newsroom
    Descriptive info: Newsroom.. News Releases.. 06/25/13.. Managing Sustainability Risks the Focus of Latest Thought Leadership.. 06/06/13.. 06/03/13.. Robert Hirth Named New Chairman of COSO.. 05/14/13.. COSO Issues Updated.. and Related Illustrative Documents.. 03/20/13.. in May.. 12/28/12.. COSO Searches for Next Chairman.. 10/26/12.. COSO Releases ERM Thought Paper Dealing with Latest Thinking on Risk Assessment Approaches and Techniques.. 09/18/12.. COSO Releases for Public Comment.. Internal Control Over External Financial Reporting.. 06/20/12.. Managing Risks of Cloud Computing the Focus of COSO s Latest Thought Leadership.. 04/30/12.. COSO Expects to Issue the Updated Internal.. Control-Integrated Framework and Related.. Supporting Documents During the First Quarter of 2013.. 03/01/12.. COSO Releases Thought Paper on Enhancing Board Oversight by Avoiding and Challenging Traps and Biases in Professional Judgment.. 01/20/12.. COSO Releases Thought Paper on Risk Appetite.. 12/19/11.. COSO Releases Internal Control - Integrated Framework  ...   Modernize Internal Control - Intergrated Framework.. 5/20/10.. New Study Indicates Financial Frauds Result in Stock Price Decline.. 11/4/09.. COSO Thought Paper Supports Integration of Strategy and ERM.. 9/1/09.. COSO Releases Thought paper on Risk Oversight.. 6/1/09.. COSO Elects New Chairman.. 2/4/09.. COSO Monitoring Guidance.. 6/4/08.. COSO Releases Exposure Draft of Guidance on Monitoring Internal Control.. 9/17/07.. Guidance on Monitoring Internal Control Systems -- Discussion Document.. 7/07/06.. Internal Control over Financial Reporting -- Guidance for Smaller Public Companies.. 9/29/04.. Enterprise Risk Management -- Integrated Framework.. Webcasts.. View.. a free webinar developed by Protiviti discussing the results of two ERM surveys.. http://communications.. protiviti.. com/rs/protiviti/images/COSO_Protiviti_Webinar_1_26_11_Recording.. wmv.. a free Webinar that summarize the COSO study, Fraudulent Financial Reporting: 1998-2007, An Analysis of U.. Public Companies.. http://video.. webcasts.. com/events/pmny001/viewer/index.. jsp?eventid=34988.. Media and Reporters Working on a News Story.. Contact Scott McCallum at..

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  • Title: Board
    Descriptive info: COSO Board of Directors.. COSO Board is made up of representatives from each of the five sponsoring organizations plus a chair who is elected by the five sponsoring organizations board representatives.. Chairman Robert B.. Hirth, Jr.. Bob Hirth.. serves as COSO Chair and was unanimously elected by the board of its sponsoring organizations to serve a three year term beginning June 1, 2013.. His experience includes all of COSO s mission disciplines; Enterprise Risk Management, Internal Control and Fraud Deterrence.. He has worked on assignments and made presentations in over 15 countries, serving more than 50 organizations and working closely with board members, C-level executives, finance and accounting personnel and accounting firm partners and employees.. Most recently, he served as a Senior Managing Director of Protiviti, a global internal audit and business risk consulting firm that operates in 22 countries.. Prior to that, he was Executive Vice President, Global internal audit and a member of the Firm s six-person executive management team for the first ten years of Protiviti s development.. MORE.. Douglas F.. Prawitt, Ph.. D.. , CPA.. Prawitt.. represents the AAA on the COSO Board.. He is the Glen Ardis Professor of Accountancy at Brigham Young University, where he teaches courses on financial statement auditing and professional judgment.. Doug s research and writing has been published in the premier academic journals and in the leading accounting practitioner journals in his field.. He is a coauthor of several books, including a leading financial statement auditing textbook and a book on the SEC s role in corporate governance.. He previously served on COSO task forces relating to internal control in smaller public companies and enterprise risk management.. More recently, he served as a member of the AICPA Auditing Standards Board.. Doug has consulted extensively with a variety of accounting firms and other enterprises, large and small.. American Accounting Association.. (the AAA).. promotes worldwide excellence in accounting education, research, and practice.. Founded in 1916, the AAA is a voluntary organization of persons interested in accounting education and research.. The mission of the AAA is to foster worldwide excellence in the creation, dissemination, and application of accounting knowledge and skills.. Membership currently exceeds 8,000 academics and practitioners from around the world.. Charles Landes, CPA.. Charles E.. Landes.. (Chuck) is Vice President Professional Standards and Services Group for the AICPA.. In this capacity, Chuck directs the technical activities of the AICPA s Audit and Attest Standards Team, which is responsible for the technical activities of the Auditing Standards Board (ASB) and the Accounting and Review Services Committee (ARSC).. He is also responsible for overseeing the activities of the AICPA s Accounting Standards team and Hotline team.. Prior to joining the AICPA in October 2000, Chuck served as partner in charge of the accounting and auditing practice of Barnes, Dennig Co..  ...   professional development through peer networking, career planning services, conferences, publications, and special reports and research.. Our 15,000 members participate in the activities of 85 chapters, 74 in the U.. and 11 in Canada.. Sandra Richtermeyer, PhD.. , CMA, CPA.. Sandra B.. Richtermeyer.. represents the IMA on the COSO Board.. She is the 2011-2012 IMA Chair Emeritus and served as IMA Chair in 2010-2011.. She is also Professor and Chair of the Department of Accountancy and Business Law at Xavier University.. In addition to her academic background, she worked as a CPA for many years in Denver, Colorado with a focus on compliance, assurance and systems implementation and design.. She works actively with a variety of professional organizations and is a frequent speaker on topics such as financial leadership, governance, technology integration performance measurement.. Her research and teaching interests are in the areas of enterprise systems, corporate governance, managerial and nonprofit accounting.. She has authored many articles in both academic and practitioner publications and has over 20 years of experience on boards and technical committees.. Institute of Management Accountants (IMA ).. , the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession.. Globally, IMA supports the profession through research, the CMA (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices.. IMA has a global network of more than 60,000 members in 120 countries and 200 local chapter communities.. IMA provides localized services through its offices in Montvale, N.. J.. , USA; Zurich, Switzerland; Dubai, UAE; and Beijing, China.. For more information about IMA, please visit.. www.. imanet.. Richard F.. Chambers.. , CIA, CCSA, CGAP.. Richard Chambers.. is president and CEO of The Institute of Internal Auditors (IIA).. He took the helm of The IIA in January 2009 and brings more than 30 years of internal audit, accounting, and financial management leadership to this position.. His career history includes work in both the private and public sector, including a position with the U.. Government Accountability Office and chief audit executive (CAE) positions at three of the U.. Government s largest organizations.. Following his government career, Chambers worked with The IIA as vice president of The Learning Center and executive director of The IIA Research Foundation (IIARF).. In 2004, Chambers joined PricewaterhouseCoopers, where he most recently served as national practice leader in Internal Audit Advisory Services.. Established in 1941,.. The Institute of Internal Auditors (IIA).. is an international professional association with global headquarters in Altamonte Springs, Fla.. , USA, with members in 165 countries.. The IIA is the internal audit profession's global voice, recognized authority, acknowledged leader, chief advocate, and principal educator.. Members work in internal auditing, risk management, governance, internal control, information technology audit, education, and security..

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  • Title: IC
    Descriptive info: Guidance on Internal Control.. Internal Control Integrated Framework (2013).. The 2013 Framework is expected to help organizations design and implement internal control in light of many changes in business and operating environments since the issuance of the original Framework, broaden the application of internal control in addressing operations and reporting objectives, and clarify the requirements for determining what constitutes effective internal control.. COSO has also issued Illustrative Tools for Assessing Effectiveness of a System of Internal Control and the Internal Control over External Financial Reporting (ICEFR): A Compendium of Approaches and Examples.. The Illustrative Tools are expected to assist users when assessing whether a system of internal control meets the requirements set forth in the updated Framework.. The ICEFR Compendium is particularly relevant to those who prepare financial statements for external purposes based upon requirements set forth in the updated Framework.. Related article The 2013 COSO Framework SOX Compliance: One Approach to an Effective Transitiion (article).. PURCHASE GUIDANCE.. Internal Control - Integrated Framework:.. Executive Summary, Framework and Appendices, and Illustrative Tools for Assessing Effectiveness of a System of Internal Control (3 volume set).. Internal Control - Integrated Framework, Internal Control Over External Financial Reporting:.. A Compendium of Approaches and Examples.. Internal Control - Integrated Framework and Compendium  ...   in the U.. and has been adapted or adopted by numerous countries and businesses around the world.. Available for purchase in the AICPA Store.. Click Order Here above.. Guidance on Monitoring Internal Control Systems (2009).. Effective monitoring of internal control is one of the five components of effective internal control delineated in COSO's.. COSO has developed detailed interpretative guidance that will help organizations monitor the quality of their internal control systems.. Internal Control over Financial Reporting Guidance for Smaller Public Companies (2006).. This document contains guidance targeted towards smaller public companies, to help them apply concepts in the 1992.. The guidance demonstrates the applicability of those concepts to help smaller public companies design and implement internal controls to support the achievement of financial reporting objectives.. It highlights 20 key principles of the 1992 framework, providing a principles-based approach to internal control.. While targeted toward smaller public companies, the 2006 guidance applies to entities of all sizes and types.. Internal Control Issues in Derivatives Usage (1996).. This guidance was issued in response to derivatives-related problems in recent years, many of which resulted from misunderstanding their risks and their use for risk management purposes.. The document provided best-practice guidance for the development of internal controls related to derivative activities..

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  • Title: IC-Coso
    Descriptive info: Internal Control Integrated Framework Exposure Draft.. The exposure draft of the updated Internal Control Integrated Framework is no longer available for viewing and the comment period is closed.. The updated Framework will be released to the public on May 14, 2013.. Below are letters from individuals and organizations received during the comment period.. View Comments.. Exposure draft  ...   Deloitte.. The IIA.. Unknown.. GAO.. AICPA.. IMA.. Pfizer.. Canadian Auditing and Assurance Standards Board.. Canadian Institute of Chartered Accountants.. International Federation of Accountants.. Denise Juvenal.. McGladrey.. IIA Sweden.. BSA.. Iuliia Ivakhiv.. Auditing Standards Committee of the Auditing Section of the American Accounting Association.. Association of Government Auditors.. Norman D.. Marks.. American Baners Association.. Thomas Ray.. Previous Comments..

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  • Title: Coso
    Descriptive info: Contact Us.. download the Copyright/Reprints request form,.. download the translation request form,.. complete it, and e-mail to.. For Media and Reporters Working on a News Story..

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  • Title: ERM
    Descriptive info: Guidance on Enterprise Risk Management.. ORDER HERE.. Enterprise Risk Management Integrated Framework (2004).. In response to a need for principles-based guidance to help entities design and implement effective enterprise-wide approaches to risk management, COSO issued the.. in 2004.. This framework defines essential enterprise risk management components, discusses key ERM principles and concepts, suggests a common ERM language, and provides clear direction and guidance for enterprise risk management.. The guidance introduces an enterprise-wide approach to risk management as well as concepts such as: risk appetite, risk tolerance, portfolio view.. This framework is now being used by organizations around the world to design and implement effective ERM processes.. ERM Thought Papers.. ERM Risk Assessment in Practice.. This thought paper provides leadership thinking on risk assessment approaches and techniques that have emerged as the most useful and sustainable for decision-making.. It represents another in a series of papers published by COSO aimed at helping organizations move up the maturity curve in their ongoing development of a robust ERM program.. Read the press.. release.. View and download.. Enterprise Risk Management for Cloud Computing.. This thought paper is published in response to the growing number of organizations utilizing cloud computing as a viable alternative for meeting their technology needs.. The thought paper provides guidance on following the principles of the COSO Enterprise Risk Management (ERM) Integrated Framework to assess and mitigate the risks arising from cloud computing.. Read the.. Enhancing Board Oversight: Avoiding and Challenging Traps and Biases in Professional Judgment.. A thought-paper detailing a five-step judgment process that board members and others can use to overcome common pitfalls and mitigate the effects of judgment bias.. The judgment process is based on KPMG s.. Professional Judgment Framework.. , which enables individuals to identify where and when the quality of judgments tends to be threatened by predictable, systematic judgment traps and biases.. Understanding and Communicating Risk Appetite.. Organizations  ...   ERM and working through those barriers.. Developing Key Risk Indicators to Strengthen Enterprise Risk Management.. This paper is directed towards managers.. It provides practical examples to help executives develop effective key risk indicators to heighten board and management enterprise risk awareness in order to increase the effectiveness of an ERM process and improve the execution of an organization s strategy.. View and download.. Board Risk Oversight A Progress Report: Where Boards of Directors Currently Stand in Executing their Risk Oversight Responsibilities.. This report is based on a survey that sought input directly from over 200 corporate directors to obtain deeper knowledge of the current state and desired future state of the risk oversight process as it is applied by boards of directors.. COSO s 2010 Report on ERM: Current State of Enterprise Risk Oversight and Market Perceptions of COSO s ERM Framework.. This report is based on a survey launched to obtained information from corporate management about the current state of their risk oversight processes and feedback about COSO s 2004.. Enterprise Risk Management - Integrated Framework.. Strengthening Enterprise Risk Management for Strategic Advantage.. This document is a helpful resource for articulating the strategic value of effective ERM.. The publication further develops the responsibilities of board of directors presented in the first thought paper on ERM.. This paper highlights key elements of ERM for board and senior executive consideration as they re-examine their existing approaches to risk oversight.. The paper also provides a list of four specific areas where senior management can work with its board to enhance the board s risk oversight capabilities.. Effective Enterprise Risk Oversight: The Role of the Board of Directors.. The paper emphasizes the role of the directors with regard to ERM.. It lays out four core responsibilities of boards in the oversight of management s risk processes and top risk exposures arising out of those processes..

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  • Title: FraudReport
    Descriptive info: Guidance.. on Fraudulent Financial Reporting.. Fraudulent Financial Reporting: 1998-2007.. An Analysis of U.. Public Companies (2010).. COSO s latest research project analyzes 347 fraudulent financial reporting cases among U.. public companies for the 10-year period 1998-2007.. This study updates the 1999 monograph below and expands previous research by comparing fraud firms with similar no-fraud firms.. The study finds that fraudulent financial reporting cases are becoming larger, are more likely to involve larger companies, are more likely to involve the CEO and/or CFO, and are more likely to involve the misstatement of revenues.. Observable board governance characteristics do not differ meaningfully between fraud and no-fraud firms, suggesting the need for research on governance processes and interactions of governance characteristics.. Fraud firms are more likely to change audit firms, and the consequences of fraud continue to be severe, with significant stock price declines and frequent bankruptcies, stock exchange delistings, and asset sales for fraud firms.. Finally, the authors call for additional research to examine the effects of the Sarbanes-Oxley Act and Section 404.. To purchase a paperback copy of the report please.. click here.. View and download the.. research report.. View a free.. Webinar.. and download.. presentation slides.. that summarize the study's findings.. Need Adobe Acrobat?.. Click here!.. Fraudulent Financial  ...   involved, and numerous corporate governance-related factors.. This monograph has subsequently influenced actions by regulators and standard-setters.. EXECUTIVE SUMMARY.. View and Download Full Document (PDF, 190KB).. Report of the National Commission on.. Fraudulent Financial Reporting (1987).. This report contains the summary of the analysis of fraudulent financial reporting conducted in the mid-1980s by the National Commission on Fraudulent Financial Reporting (known as the Treadway Commission) and its related recommendations of solutions to reduce the occurrence of such fraud.. The report emphasized that the prevention and earlier detection of fraudulent financial reporting must start with the entity that prepares financial reports.. The Commission's recommendations for increased deterrence also involved new SEC sanctions, greater criminal prosecution, improved regulation of the public accounting profession, adequate SEC resources, improved federal regulation of financial institutions, and improved oversight by state boards of accountancy.. Recommendations also were made to standard-setters, including the AICPA s Auditing Standards Board, to improve the effectiveness of the audit of financial statements.. To encourage educational initiatives, the Commission also recommended changes in the business and accounting curricula as well as in professional certification examinations and continuing professional education.. The report contained more than 150 recommendations.. Summary of Recommendations.. View and Download Full Document.. - (PDF, 1.. 4MB / 198 pages)..

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  • Title: IC-IntegratedFramework-summary
    Descriptive info: Order the complete guidance.. Executive Summary - English.. Executive Summary - Chinese Simplified.. Executive Summary - Arabic..

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    Archived pages: 18