Define the Committee of Sponsoring Organizations (COSO). Explain the original COSO framework and the improvements made in the COSO framework in 2013.

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Answer 1

Question

Chapter 5, Problem 1RC

To determine

Define the Committee of Sponsoring Organizations (COSO). Explain the original COSO framework and the improvements made in the COSO framework in 2013.

Expert Solution & Answer

Explanation of Solution

Committee of Sponsoring Organizations (COSO):

Committee of Sponsoring Organizations (COSO) is based on the Statement on Auditing Standards 109 which states the relationship between internal controls, risk assessment of the auditor and the procedures of audit planning. The members from variety of international organizations are included in this organization.

A group of members from different organizations collectively formed COSO to discuss the working of industries and the impact of fraudulent activities in the industry. The main aim to establish COSO was the improvement in financial reporting and prevention of frauds in the industry.

The original COSO framework from 1992 brought a new structure of the internal control system. In order to prevent or detect the misstatement, the internal control system focuses on the inbuilt system into the main system. Compliance with the laws, generating relevant financial statements, and maintenance of goodwill were the three goals which the COSO aimed to achieve.

Improvements were made in the COSO framework by updating the COSO framework in 2013. The updated version focused on the more compatible and easier application of internal control system.

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Answer 2

Question

Chapter 5, Problem 1RC

To determine

Define the Committee of Sponsoring Organizations (COSO). Explain the original COSO framework and the improvements made in the COSO framework in 2013.

Expert Solution & Answer

Explanation of Solution

Committee of Sponsoring Organizations (COSO):

Committee of Sponsoring Organizations (COSO) is based on the Statement on Auditing Standards 109 which states the relationship between internal controls, risk assessment of the auditor and the procedures of audit planning. The members from variety of international organizations are included in this organization.

A group of members from different organizations collectively formed COSO to discuss the working of industries and the impact of fraudulent activities in the industry. The main aim to establish COSO was the improvement in financial reporting and prevention of frauds in the industry.

The original COSO framework from 1992 brought a new structure of the internal control system. In order to prevent or detect the misstatement, the internal control system focuses on the inbuilt system into the main system. Compliance with the laws, generating relevant financial statements, and maintenance of goodwill were the three goals which the COSO aimed to achieve.

Improvements were made in the COSO framework by updating the COSO framework in 2013. The updated version focused on the more compatible and easier application of internal control system.

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Answer 3

Question

Chapter 5, Problem 1RC

To determine

Define the Committee of Sponsoring Organizations (COSO). Explain the original COSO framework and the improvements made in the COSO framework in 2013.

Expert Solution & Answer

Explanation of Solution

Committee of Sponsoring Organizations (COSO):

Committee of Sponsoring Organizations (COSO) is based on the Statement on Auditing Standards 109 which states the relationship between internal controls, risk assessment of the auditor and the procedures of audit planning. The members from variety of international organizations are included in this organization.

A group of members from different organizations collectively formed COSO to discuss the working of industries and the impact of fraudulent activities in the industry. The main aim to establish COSO was the improvement in financial reporting and prevention of frauds in the industry.

The original COSO framework from 1992 brought a new structure of the internal control system. In order to prevent or detect the misstatement, the internal control system focuses on the inbuilt system into the main system. Compliance with the laws, generating relevant financial statements, and maintenance of goodwill were the three goals which the COSO aimed to achieve.

Improvements were made in the COSO framework by updating the COSO framework in 2013. The updated version focused on the more compatible and easier application of internal control system.

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Answer 4

Question

Chapter 5, Problem 1RC

To determine

Define the Committee of Sponsoring Organizations (COSO). Explain the original COSO framework and the improvements made in the COSO framework in 2013.

Expert Solution & Answer

Explanation of Solution

Committee of Sponsoring Organizations (COSO):

Committee of Sponsoring Organizations (COSO) is based on the Statement on Auditing Standards 109 which states the relationship between internal controls, risk assessment of the auditor and the procedures of audit planning. The members from variety of international organizations are included in this organization.

A group of members from different organizations collectively formed COSO to discuss the working of industries and the impact of fraudulent activities in the industry. The main aim to establish COSO was the improvement in financial reporting and prevention of frauds in the industry.

The original COSO framework from 1992 brought a new structure of the internal control system. In order to prevent or detect the misstatement, the internal control system focuses on the inbuilt system into the main system. Compliance with the laws, generating relevant financial statements, and maintenance of goodwill were the three goals which the COSO aimed to achieve.

Improvements were made in the COSO framework by updating the COSO framework in 2013. The updated version focused on the more compatible and easier application of internal control system.

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Answer 5

Chapter 5, Problem 1RC

To determine

Define the Committee of Sponsoring Organizations (COSO). Explain the original COSO framework and the improvements made in the COSO framework in 2013.

Expert Solution & Answer

Explanation of Solution

Committee of Sponsoring Organizations (COSO):

Committee of Sponsoring Organizations (COSO) is based on the Statement on Auditing Standards 109 which states the relationship between internal controls, risk assessment of the auditor and the procedures of audit planning. The members from variety of international organizations are included in this organization.

A group of members from different organizations collectively formed COSO to discuss the working of industries and the impact of fraudulent activities in the industry. The main aim to establish COSO was the improvement in financial reporting and prevention of frauds in the industry.

The original COSO framework from 1992 brought a new structure of the internal control system. In order to prevent or detect the misstatement, the internal control system focuses on the inbuilt system into the main system. Compliance with the laws, generating relevant financial statements, and maintenance of goodwill were the three goals which the COSO aimed to achieve.

Improvements were made in the COSO framework by updating the COSO framework in 2013. The updated version focused on the more compatible and easier application of internal control system.

Answer 6

Chapter 5, Problem 1RC

To determine

Define the Committee of Sponsoring Organizations (COSO). Explain the original COSO framework and the improvements made in the COSO framework in 2013.

Expert Solution & Answer

Explanation of Solution

Committee of Sponsoring Organizations (COSO):

Committee of Sponsoring Organizations (COSO) is based on the Statement on Auditing Standards 109 which states the relationship between internal controls, risk assessment of the auditor and the procedures of audit planning. The members from variety of international organizations are included in this organization.

A group of members from different organizations collectively formed COSO to discuss the working of industries and the impact of fraudulent activities in the industry. The main aim to establish COSO was the improvement in financial reporting and prevention of frauds in the industry.

The original COSO framework from 1992 brought a new structure of the internal control system. In order to prevent or detect the misstatement, the internal control system focuses on the inbuilt system into the main system. Compliance with the laws, generating relevant financial statements, and maintenance of goodwill were the three goals which the COSO aimed to achieve.

Improvements were made in the COSO framework by updating the COSO framework in 2013. The updated version focused on the more compatible and easier application of internal control system.

Answer 7

Chapter 5, Problem 1RC

To determine

Define the Committee of Sponsoring Organizations (COSO). Explain the original COSO framework and the improvements made in the COSO framework in 2013.

Answer 8

Expert Solution & Answer

Explanation of Solution

Committee of Sponsoring Organizations (COSO):

Committee of Sponsoring Organizations (COSO) is based on the Statement on Auditing Standards 109 which states the relationship between internal controls, risk assessment of the auditor and the procedures of audit planning. The members from variety of international organizations are included in this organization.

A group of members from different organizations collectively formed COSO to discuss the working of industries and the impact of fraudulent activities in the industry. The main aim to establish COSO was the improvement in financial reporting and prevention of frauds in the industry.

The original COSO framework from 1992 brought a new structure of the internal control system. In order to prevent or detect the misstatement, the internal control system focuses on the inbuilt system into the main system. Compliance with the laws, generating relevant financial statements, and maintenance of goodwill were the three goals which the COSO aimed to achieve.

Improvements were made in the COSO framework by updating the COSO framework in 2013. The updated version focused on the more compatible and easier application of internal control system.