and errors are serious problems for businesses and there are a lot of challenges for businesses to deal with them. These problems interfere with decision making and cause financial problems and losses.
Errors are frauds are usually common with small businesses. According to the research by association of certified fraud examiners there are around 30 percent of fraud cases which usually happen in small companies.
The small companies have to suffer and pay high price for the fraud and there is concern around addressing the problem proactively.
COSO has problems with internal controls which initially seemed promising. It turned merely into system instead of objectives or controls. It initially seemed like an interesting idea. But with time there were no practical implications and it inherently had conceptual weaknesses. The definition of internal control is vast and wide which makes management’s every aspect as important part of management control.
Internal control is the process which is affected by the management, directors of board of entity. It has issued regarding the effectiveness and efficiency of operations. There were problems with reliability for financial reporting.
There are five important components and it is important to work on them. The five components of cosco are control Environment. There needs to work done regarding focus on integrity and defining ethical values, commitment to Competence, philosophy of management and operating style.
The second component is risk assessment which includes the objectives, process level objectives, identification and work on analysis.
The other components include control activities along with work on policies and procedures. Information and communication including quality of information and communication effectiveness. The fifth component includes monitoring and paying attention to separate evaluations and deficiencies in reporting
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