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4 Cards in this Set
- Front
- Back
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Purpose
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Help organisations assess and enhance their internal control
Provide key principles and concepts, common language, direction & guidance Used as reference point to review organisation |
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COSO Cube (ERM)
If Only Every Rail Road Could Include Maintenance |
Internal environment
Objective setting Event identification Risk assessment Risk Response Control activities Information and communication Monitoring |
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What are the benefits of controls?
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Achievement of objectives
Compliance with laws and regulations Reliability of information Effective, efficient and economic operations Safeguarding assets |
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What needs to be in place for management control frameworks to be successful?
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Become a 'living' part of the organisation's approach - not just a one-off exercise
Frameworks should complement organisation's corporate governance structure & requirements |
