Thanks Shawn. This was great information. I'm one the tech side of things but I was just drafted to go meet with a client on risk management, your info has been a great help as part of my crash course :-) Thanks again for the information!
Hello friends, I have a few questions: 1 / What is the difference between COSO internal control and ERM ?. 2 / Why and When a company should implement ERM instead of internal control ?.
COSO is the framework that if implemented well ensures that the Internal Controls are functioning well. Like if you eat a balanced diet it means your body systems are working well. COSO is an example of ERM. ISO 31000 and others exists too
fish and banana internal control is the supervised process, that is required by directors or personnel, that is adopted by a company, and is composed of the measures and methods that safeguard assets, enhance accuracy of it's accounting process, as well as reduce errors and irregularities.
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Thanks Shawn. This was great information. I'm one the tech side of things but I was just drafted to go meet with a client on risk management, your info has been a great help as part of my crash course :-) Thanks again for the information!
excellent explanation of the COSO framework
Thank you Shawn.
Nice
Hello friends,
I have a few questions:
1 / What is the difference between COSO internal control and ERM ?.
2 / Why and When a company should implement ERM instead of internal control ?.
COSO is the framework that if implemented well ensures that the Internal Controls are functioning well. Like if you eat a balanced diet it means your body systems are working well. COSO is an example of ERM. ISO 31000 and others exists too
could you use two examples to explain the interactions between the components of the ICS after the COSO cube.
thanks a lot!
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You haven't defined "internal controls", which is key to understanding everything else about COSO.
fish and banana internal control is the supervised process, that is required by directors or personnel, that is adopted by a company, and is composed of the measures and methods that safeguard assets, enhance accuracy of it's accounting process, as well as reduce errors and irregularities.