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Corprate compliance. Corporate Compliance Report With recent incidents
of fraud and inside trading, the business world has gained ...
Submitted by tamra95425 on July 26, 2008
Category: Miscellaneous
Words: 2729 | Pages: 11
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Corporate Compliance Report
With recent incidents of fraud and inside trading, the business world has gained renewed interest and emphasis on corporate governance and regulatory compliance. Organizations have taken more serious measures to establish enterprise risk management plans to avert, identify, and manage risks and exposures. Recent corporate scandals such as those of Enron, WorldCom, and even with Martha Stewart, tougher governance standards are set in place to minimize errors and loss through proactive measures.
This paper will attempt to educate the readers on the importance of internal controls and submit a proposal to minimize enterprise risks by applying the principles or recommendations of the Committee of Sponsoring Organization of the Treadway Commission (COSO). Furthermore, this paper will discuss the relations of Sarbanes-Oxley with the COSO initiative.
Overview of COSO
In 1985 five professional accounting organizations came together to discuss the growing problem of fraudulent financial reporting and the need to reduce, if not eliminate, this deceitful and illegal act. The American Institute of Certified Public Accountants (AICPA), American Accounting Association (AAA), Financial Executives Institute (FEI), The Institute of Management Accountants (IMA), and The Institute of Internal Auditors (IIA) agreed to form an organization that will establish definitions, criteria and standards for internal control for companies and organizations so that fraudulent financial reporting can be minimized or completely eliminated. The collaborative effort of these five organizations is now known as the Committee of Sponsoring Organizations of the Treadway Commission (COSO or Committee). COSO is a private-sector initiative funded and sponsored by these five professional organizations.
The Committee conducted an eleven-year research study to analyze instances of fraudulent financial reporting and determine...
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