Contents
Overview of the COSO Internal Control Integrated Framework
Revised COSO Internal Controls Framework
Basic Scoping and Strategies for Maintenance
Appendix 1A: COSO 17 Principles
Chapter 2: Setting the Scope of Your Documentation Project: Identifying the Core
Start with Business Objectives
Mapping the Entity to the Financial Statements: Ins and Outs
Consider Risks, Not Just Quantitative Measures
Overstatement and Understatement
Does “In Scope” Imply Extensive Testing?
Appendix 2A: Summary of Scoping Inquiries
Chapter 3: The Risk Assessment Component
Risk Assessment Principles in COSO
Likelihood, Magnitude, Velocity, and Persistence
Separate Assessments of Inherent and Control Risks
Principles 6 and 7: Specify Suitable Objectives; Identify and Analyze Risk
External Sources of Risk Information
Internal and External Reporting Risks
Disclosed Material Weaknesses in Risk Assessment
Principle 8: Assess Fraud Risk
Auditor Responsibility to Detect Fraud
Antifraud Controls for Management to Consider
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