Coso's Internal Control Integrated Framework

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Please respond to the My Questions Q10.1, Q10.2, Q10.3, Q10.4, Q10.5 and Q10.6 at the beginning of Chapter 10. In this 3 page paper please state the question and follow with the answer for each question. My Questions Q 10.1 Fraud: What will I tell my MOM? In order for fraud to be committed, the perpetrator must have motive—reason for committing the fraud, such as financial difficulties. The perpetrator must have opportunity—access to the asset or financial statements in order to carry out the fraud. Finally, the perpetrator must have the means to carry out the fraud—knowledge or skills that permit the perpetrator to commit the crime. For fraud to occur, all three conditions must be present. For example, motive and means without opportunity will not result in fraud. Q 10.2 What is SOX? …show more content…

In addition to establishing the PCAOB to regulate the auditors of publicly traded companies, SOX legislation contained the following sections that are especially pertinent to the accounting profession. Q 10.3 What is COSO’s Internal Control Integrated Framework? The COSO Internal Control—Integrated Framework provides a blueprint for implementing an internal control system to assist in ensuring the reliability of financial statements and compliance with Sarbanes-Oxley legislation. The purpose of internal control is to provide reasonable assurance in achieving internal control objectives: Effectiveness and efficiency of operations Reliability of financial reporting Compliance with laws and regulations Q 10.4 What is

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