1. How should the auditor evaluate a company’s internal control over financial reporting when a company has implemented a significant change to information technology that affects the company’s preparation of its financial statements?
2. The Committee of Sponsoring Organizations of the Treadway Commission has discussed in its document entitled ‘COSO ERM Framework (2004)’, a comprehensive approach to Enterprise Risk Management. Discuss the following questions:
(a) What is the main objective of this framework?
(b) What are the elements contained in the definition of ERM?
(c) Identify the eight interrelated components of the ERM framework.
(d) What is the internal auditor’s role in risk management and how will this framework help that role?
(e) What are the benefits of implementing an effective ERM framework? What are the implications for the external audit if an organization does not have a comprehensive and effective ERM?
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