Evaluate the company’s practices against COSO’s internal control frameworks. If you chose a company that you would like to start, then you are going to establish the COSO internal controls based on your selection of the company’s operations.
Identify at least one possible risk in the current practice/potential practice that could limit the effectiveness of COSO’s internal control framework. How would you discover and fix this issue?
Internal Company Controls
Internal control refers to the processes or guidelines that a company follows to ensure the integrity, accuracy as well as security financial and accounting information. Although it’s not a requirement of law however, the COSO structure for internal controls is considered to be best practice. It is built on five basic ideas, and further broken down into 17 principles. The foundation is based on the five key elements–the control and monitoring environment and risk assessment controls information and communication and monitoring , I will analyze Zicoo the company’s future activities against the existing COSO internal procedures. In this paper I will analyze the internal controls employed by the Zicoo Company, a business I’d like to set up in the near future. The essay will compare the internal control framework of Zicoo against that of COSO
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