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Essay / Research Paper Abstract
This 6 page paper considers the way in which a retail firm may implement enterprise risk management as advocated by The Committee of Sponsoring Organizations of the Treadway Commission (COSO). The paper looks at the each of the elements of ERM and how they can be incorporated into company practices. The bibliography cites 4 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEentriskm.rtf
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Unformatted sample text from the term paper:
years and several companies had to restate their earnings, problems and issues associated with the way firms undertake their accounting practices are not new (COSO, 2007, Hoewlls and Bain, 2004).
A number of initiatives and strategies have been undertaken in order to promote confidence and accuracy of reporting and reduce the risk. In addition to legislation there are additional bodies
that have been created which are able to help with guidance and advice when a company is seeking to improve its accounting practices (COSO, 2007). The Committee of Sponsoring Organizations
of the Treadway Commission (COSO) was set up in 1985, its main function is the identification of factors which can cause fraudulent financial reporting and to make recommendations which
would reduce the incidence of fraudulent reporting and provide reliable reporting that is also compliant with relevant regulations and legislation(COSO, 2007). COSO provides a framework which any business can utilise
when reviewing their financial procedures when introducing enterprise risk management. If we consider the case of large retail company, where there are many outlets and a central head office, this
may then be applied to any number of companies regardless of the sector or area they exist in. The focus of the measures introduced as part of the enterprise risk
management (ERM) programme the internal processes. The process is the way something is achieved, so in implementing ERM this may be seen as a tool but not a goal. It
is also important to realise that internal control is not merely a set of rules or policies it is impact it by the people at all levels within an organisation
(COSO, 2007). In addition to this even where ERM is in place and perceived as effective it will never provide a total
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