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(Mt) – University of the Cumberlands COSO Framework Components Discussion

Hey buddy! Your work is done. Have a look at it. In case of any questions, please feel free to ask,Running Head: COSO FRAMEWORKCOSO Framework ComponentsStudent s Name:Course Title:Date:COSO FRAMEWORK1COSO Framework ComponentsIntroductionInternal control is a concept that every manager has to understand. It is vital as it helpsone comprehend all the enterprise operations. To enhance this, the Committee of SponsoringOrganization (COSO) framework was formed in 1992. The framework outlines an effectivesystem s characteristics. The main objectives of COSO were to increase reliability in financialreporting, enhance efficiency in operations, and help form a base for legal compliance. To createan effective internal control system, the framework operates with the aid of five criticalcomponents (Wright, 2016). It is, therefore, vital for managers to understand the working of theelements to benefit from the framework effectively.The Five ComponentsRisk AssessmentWhen businesses operate, some events may happen on the way and interrupt theprocesses. This has adverse consequences as it lags the firm from attaining its objectives. Thepossibility of facing risks from either the internal or external environment is something that firmsneed to be prepared for. Thus, leaders should identify and create strategies to mitigate possiblerisks. With this component, managers are assured of business continuity. Here, the differentobjectives of the firm are analyzed. Then, the risks associated with preventing the achievementof each are classified and identified. Therefore, making it easy to stop all obstacles that caninterfere with the efficiency of the internal controls.COSO FRAMEWORK2Control EnvironmentThe internal controls take place on a set of standards that include structures and variousprocesses. This is the control environment. It has to comprise of conduct standards supported byan ethical framework. Thus, the organizational culture matters a lot for this component to beeffective. It also focuses on employee commitment. For organizational goals to be achieved,human resource matters. One needs to have a competent workforce. Therefore, managers need tobe committed to ensure a competent workforce is employed. Furthermore, policies governing theemployees are essential. This will aid in ensuring that ethical values are observed throughout theorganization.Control Activ

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