Scenario
You are a senior accountant at Ruby Consulting Group, an accounting firm that provides consulting services for companies that are implementing internal controls. You have been tasked with training a new group of staff accountants. The senior partner in your organization has asked you to write a job aid to explain the purpose and components of the COSO framework. You must also discuss how each component can help reduce fraud risks in an organization. Additionally, you’ve been asked to include an example of a company that successfully implemented COSO to reduce fraud risk as a reference for your colleagues.
The skills practiced in this activity will help to support you in your project.
Directions
Write a job aid that describes the COSO framework.
Specifically, you must address the following rubric criteria:
- Describe the importance of the COSO framework.
- Explain how each of the five components of the COSO framework contribute to mitigating fraud risk. Provide a description of each component as part of your response.
- Summarize an example of a company that has implemented the COSO framework to reduce fraud risks.
What to Submit
Submit your milestone as a 2- to 3-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style.