(1) an audit questionSelect organization of your choice and descript how they are use the coso framework work in their day-to-day operationExamining the Currently gap in the above organization is experiencing and advise them to insure efficiency and effectiveness in they operation

Answered: Select organization of your choice and…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

(1) an audit question

Select organization of your choice and descript how they are use the coso framework work in their day-to-day operation
Examining the Currently gap in the above organization is experiencing and advise them to insure efficiency and effectiveness in they operation

Expert Solution

Step 1: Introduction:

The COSO Framework is a widely used framework for internal control. It provides a comprehensive approach to managing risks and ensuring that an organization is meeting its objectives. Tesla uses the COSO Framework in its day-to-day operations, but there are some potential gaps in its implementation. By addressing these gaps, Tesla can further strengthen its internal controls and improve the efficiency and effectiveness of its operations.