The author completed a COSO certification course, appreciating its quality despite previous frustrations with online learning. However, the course fell short in addressing the practical deployment of COSO, leaving gaps in internal-control specifics. Nonetheless, COSO promotes adaptability for organizations, suggesting they can customize the framework to better suit their needs.
Continue readingThe article discusses the challenge of measuring internal control effectiveness within organizations, specifically within the COSO framework. It emphasizes the need for reasonable assurance rather than absolute control, encouraging periodic checks on high-risk processes. It suggests organizations regularly review and update controls for relevance and effectiveness to ensure organizational objectives are met.
Continue readingCOSOPS is a modified version of the COSO framework applied to public sector organizations. COSOPS highlights internal controls aimed at efficiency, reliability of reporting, and compliance with laws. Key changes include emphasizing public accountability, the role of civil service, fiscal matters, and external oversight, aiming for improvement in public policy functions.
Continue readingThis is the third in a series of the internal control. The first blog, Internal Control and COSO, introduced this framework including highlighting some of its short comings. The second blog, A List of Internal Controls, attempted to create the most comprehensive list of controls ever constructed (or that at least I could find). This blog asks the question, “does COSO have competitors or is there a better control framework out there?“.
Continue readingThe network file structure is now about 50+ years old but is still the backbone for a lot of corporate and personal data management [1]. At the same time, how often have you heard stories of people losing all of the family pictures because they failed to back up or backed up the wrong directory.
Continue readingThis is a second in a series of blogs on Internal Control and this one specifically asks, is there a list of internal controls and why would you want such a list?
Continue readingAccountants are trained to think about and implement controls. The classic examples are segregation of duties, reconciliations or budgets. Generally though, these controls are to manage at the transactional level where an error or a small fraud might occur. The big frauds of course are in the C-Suites and include such classics as off-balance sheet liabilities, rogue traders or manipulation of inventories.
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Organizational Biology 