COSO 2013: Aligning Internal Controls and Principles

Denise E. Dickins · Rebecca G. Fay

26 citations0/0 files storedIssues in Accounting Education

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Accounting Education and Careers Auditing, Earnings Management, Governance Accounting and Organizational Management

Abstract

ABSTRACT Strong systems of internal control over financial reporting (ICFR) are critical to the production of reliable financial statements. Securities and Exchange Commission (SEC) regulations require that companies design, maintain, and regularly evaluate their systems of ICFR, and Auditing Standard No. 5 requires that auditors evaluate companies' systems of ICFR. Therefore, it is necessary for accountants to be able to (1) describe and classify internal controls and (2) determine deficiencies in internal control. Recent reports suggest that accountants may lack sufficient training and guidance in these respects (e.g., Rapoport 2012). This activity provides an opportunity for students to practice these skills while learning more about the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) 2013 Framework. Provided are a summary discussion of ICFR and the COSO 2013 Framework, an outside-of-class reading assignment, and an activity that requires students (independently or in groups, either in or outside of class) to employ critical-thinking skills to: (1) classify (i.e., map) a listing of controls as being aligned with one (or more) of the COSO 2013 Framework's five components and 17 principles that comprise a well-designed system of internal control, and (2) identify any deficiencies (gaps) in design due to missing or inadequate internal controls.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 26 citations exist upstream.

References

2005Does the Market Value Financial Expertise on Audit Committees of Boards of Directors?2008Financial Accounting Standards Board (FASB)2006Audit Committee Quality, Auditor Independence, and Internal Control Weaknesses 2012Conceptual framework for financial reporting 2010The Characteristics of Firms That Hire Chief Risk Officers 2005Tone at the Top: An Ethics Code for Directors?2011The Compensation Committee Process*2011Breach of Data at TJX: An Instructional Case Used to Study COSO and COBIT, with a Focus on Computer Controls, Data Security, and Privacy Legislation

Cited by

2019Observed effectiveness of the COSO 2013 framework 2019The COSO Framework in Emerging Technology Environments: An Effective In-Class Exercise on Internal Control 2018PCAOB Inspections: An Analysis of Entity-Level and Application-Level Control Audit Deficiencies 2018Further Things I Have Learned … Selected Reflections about Publishing in Accounting Education

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.