Annual Reporting Posts

Executive summary – Step 3 – COSO Control Activities If risk assessment is the radar that scans the horizon, control activities are the brakes and steering wheel of the organization. They are the mechanisms that allow leadership to respond to risks with precision: slowing down when approaching danger, steering around obstacles, and navigating safely on … Read more

Executive Summary: Step 2 – COSO Risk Assessment If the control environment is the soil in which governance takes root, risk assessment is the radar that continuously scans the horizon. It gives direction and foresight, telling organizations not only what lies ahead but also which storms may approach, which opportunities might appear as new markets, … Read more

Step 4 – COSO Information and Communication If risk assessment is the radar and control activities are the brakes and steering wheel, information and communication are the nervous system of the organization. They transmit signals, coordinate action, and ensure the entire body responds coherently to challenges. Without reliable nerves, even the strongest muscles and sharpest … Read more

Executive summary – Step 1 COSO Control Environment Topics hide Executive summary – Step 1 COSO Control Environment Key Elements of the Control Environment 1. Integrity and Ethical Values 2. Board of Directors and Audit Committee Oversight 3. Organizational Structure and Accountability 4. Commitment to Competence 5. Human Resource Policies and Enforcement Why the Control … Read more

COSO Internal Control Framework is globally recognized as the leading standard for designing, implementing, and evaluating internal control systems. Since its initial release in 1992, and especially after its 2013 revision, the framework has provided boards, executives, and auditors with a consistent structure to assess and strengthen governance, risk management, and compliance. The framework identifies … Read more