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COSO Internal Control Framework Introductory training

coso Internal Control Framework Introductory training05 May 2020 Risk & InternalControl Basics coso Internal Control Framework Components and Principles Internal Control Assessment Internal Control Documentation InternalControl Indian Legal Perspective Internal Control Benefits & Limitations COVERAGE CONFIDENTIAL -NOT FOR CIRCULATION2 Risk & Internal Control BasicsCONFIDENTIAL -NOT FOR CIRCULATION3 RISK & Internal Control IN A COPMANYRisk What can go wrong? Ingeneral,riskisdefinedasthepossibilityt hataneventwilloccur,whichwillimpactanorg anization'sachievementofobjectives. BusinessRisk:Athreatthataneventoractionw illadverselyaffectanorganization ExampleInternal Control ? Internalcontrolisaprocess,effectedbyanen tity sboardofdirectors,managementandotherpers onnel,designedtoprovidereasonableassuran ceoneffectivenessandefficiencyofoperatio ns, ExampleCONFIDENTIAL -NOT FOR CIRCULATION4 Internal Control PART OF OUR DAY TO DAY LIFERisk: Unauthorized accessControl: Password or Biometric accessRisk: Short circuit leading to fireControl: Circuit breakerRisk: High speed leading to accidentControl: BreaksRisk: Unauthorized activities or theft Control : CCTV camerasRisk: Incorrect choices Control : Online review mechanismRisk: Poor healthControl: Monitoring of daily stepsCONFIDENTIAL -NOT FOR CIRCULATION5 Absence of Control

coso –internal control definition Internal control is a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of following objectives: Effectiveness and efficiency of

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