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Miami Dade College Types of Controls To Help Mitigate Fraud Research Paper

Miami Dade College Types of Controls To Help Mitigate Fraud Research Paper

Question Description

I’m working on a accounting question and need an explanation to help me learn.

The COSO Internal Control Framework

Class, many of the “classic” internal controls can be grouped into one of the five components of the COSO internal control framework. These five components are: the control environment, control activities (where the bulk of internal controls are grouped), risk assessment, information and communication, and monitoring. Let’s use this thread to discuss the COSO’s internal control framework. In your opinion, class, is there value in using the COSO framework when creating, organizing, and maintaining internal controls? What are the advantages of using the COSO internal control framework over the COBIT framework and the COSO ERM framework?

Please share your thoughts and research here!


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