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From Sparks to Fired

In: Business and Management

Submitted By kedronhilario
Words 1036
Pages 5
Hilario, Kedron
ACTG 6310
Dr. Harrington
4 February 2015
From Sparks to Fired: Case Study
1. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) Enterprise Risk Management (ERM) – Integrated Framework (2004) is a guideline for managing risk and understanding internal controls. The eight components of the COSO ERM Framework are as followed: internal environment, objective setting, event identification, risk assessment, control activities, information and communication, and lastly, monitoring. Here we define/describe these eight components:
a. The Internal Environment captures the tone of the organization and the sets the standard on how risk is viewed and addressed by the entity’s members. The entity will define such things as: risk management philosophy and risk appetite, integrity and ethical values, and the environment in which they operate.
b. The Objective Setting is the objectives that exist before management identifies potential events that will affect their achievement.
c. Event Identification are internal and external events affecting achievement of an entity’s objectives that are indentified, then distinguished between risks and opportunities.
d. Risk Assessment is simply risks that are analyzed as a basis for determining how they should be managed. Risks are assessed on an inherent and a residual basis.
e. Risk Response is avoiding, accepting, reducing, or sharing risk. Management develops a set of actions to align risks with the entity’s risk tolerances and risk appetite.
f. Control Activities are policies and procedures that are established and implemented to help ensure the risk responses are effectively carried out.
g. Information and communication is when relevant information is identified, captured and communicated in a form and time frame that enable people to carry out their responsibilities.
h. Monitoring is...

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