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Acct 309

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ACCT 309

COSO Integrated Framework: Internal Environment Part 2

Assignment 1. Download or open the COSO ERM Integrated Framework from Course Handouts in Blackboard. 2. Review chapter 2 “Internal Environment” pages 27-34. 3. Read the following information about Go-Go Corporation. 4. Determine how each of the issues relates to the eight factors of the internal environment. * Factors of internal environment include risk management philosophy, risk appetite, board of directors, etc.
Some issues relate to only one factor, some relate to more than one factor. If you believe more than one factor of internal environment applies to a specific issue, then also identify which factor is the most relevant choice.
You should begin (or continue) to connect and relate topics covered previously to the current topics under discussion. For example, although this assignment primarily relates to COSO Internal Environment, you should also consider the issues in relation to what you know about SOX, fraud and business processes. f. Formal performance evaluations are counterproductive. Therefore, employees are evaluated on an informal, subjective basis.
This issue reflects a problem with the Commitment to Competence factor of the internal environment. COSO suggest that evaluation should be strict and objective. Company should have a standard measure to evaluate performance. g. Go-Go has reported increases in EPS for each of the past six years. However, earnings during the current year have leveled off and may decline.
This issue reflects a problem with Implication factor of the internal environment. Overstate might increase the risk of company’s business. The impact of an ineffective internal environment can be far-reaching, possibly resulting in financial loss, a tarnished public image, or a business failure. Company should ensure those…...

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