Evaluation Essay

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DQ 2 Review the COSO framework explanation found in your materials for this week, or go to the COSO’s website. Using the organization that you work or last worked for as a guide, select some of the principles recommended by the COSO and explain how they could be useful in improving the corporate governance of your organization. COSO lists five components that must be in place for an internal control system to be effective: • Control Environment which is the tone and culture of an organization • Risk Management the event identification, risk assessment, risk response in recognizing threats • Control Activities such as policies and procedures place to direct key organizational activities • Information and Communication such as capturing and disseminating information throughout the organization • Monitoring evaluating operations through measurement, and auditing • My organization could benefit from using the control environment. This component is the tone and culture of the organization where all other activities are conducted and in most organizations flow from the top. My organization can not retain employees because of a lack of controlled environment. The organization need to practice setting realistic goals and ensure that the organization has the resources to carry them out. My organization could also benefit from the component control activities such as policies and procedures. The component will help the organization incorporate the idea of setting process objectives, measurement, and review carefully and also communication channels between key departments throughout the city. References http://www.coso.org/IC-IntegratedFramework-summary.htm Information systems play a key role in internal control systems as they produce reports, including operational, financial and compliance-related information, that make it possible

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