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Essay / Research Paper Abstract
A 5 page paper that begins by explaining what the Commission (COSO) is, when and why it was founded. The essay identifies the components in COSO's enterprise risk management system. The writer then applies COSO principles to a case study involving a hypothetical supermarket chain. Bibliography lists 6 sources. PGcoso.rtf
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5 pages (~225 words per page)
File: MM12_PGcoso.rtf
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report and it is one that continues to be used and cited in terms of internal control systems. Boeing was one of the companies that determined to assess their own
internal controls comparing them with the COSO standards and found that putting those standards into practice was very challenging (Applegate and Wills, 1999). One of the problems Boeing identified was
the subjectivity with which their own assessments of the quality of their internal controls (Applegate and Wills, 1999). They reengineered their audit approaches to be more objective and to meet
the COSO framework (Applegate and Wills, 1999). They succeeded and from that time forward, they have used COSO as the foundation for their internal risk and audit analyses (Applegate and
Wills, 1999). COSO is a private sector initiative that was established in 1985, which is important because it has been around a long time and it offers a great deal
of information, instructions, principles and standards for internal accounting and enterprise risk management. COSOs purpose initially was to investigate the causal factors of fraudulent financial reporting practices (COSO, 2008). It
derived its name from its first chairman, James C. Treadway, Jr. (COSO, 2008). The Commission is sponsored by five major financial and auditing associations in the United States but it
is separate and independent of these associations (COSO, 2008). The epidemic of fraudulent financial accounting practices in the 1980s and 1990s and ongoing could have been avoided had management and
the board adopted the COSO principles and standards (Krist, 1998). COSO makes it clear that control is not in the exclusive purview of accountants and auditors, everyone in the organization
is responsible for control systems, in fact, each person has specific responsibilities (Chapman, 2003; Krist, 1998). One of the control systems is enterprise risk management, which includes identifying risk, monitoring
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