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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 34 / 352

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© D.L. Crumbley

The COSO Model

1.

Control environment – management’s attitude toward controls, or the “tone at the top.”

2.

Risk assessment – management’s assessment of the factors that could prevent the organization from meeting its objectives.

3.

Control activities – specific policies and procedures that provide a reasonable assurance that the organization will meet its objectives. The control activities should address the risks identified by management in its risk assessment.

4.

Information and communicationsystem that allows management to evaluate progress toward meeting the organization’s objectives.

5.

Monitoring – continuous monitoring of the internal control process with appropriate modification made as deemed necessary.

www.erm.coso.org

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