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Karsten Paetzmann - One of the best experts on this subject based on the ideXlab platform.
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Enterprise Risk Management: Zum Einfluss der Governance-Reformen auf das Controlling und die Überwachung
Zeitschrift für Planung & Unternehmenssteuerung, 2005Co-Authors: Karsten PaetzmannAbstract:Die gegenwärtigen Modernisierungen der Corporate Governance wirken auf ein Feld ein, das von der Controllingforschung konzeptionell erschlossen ist und von Controllern tagtäglich praktiziert wird: das Management zukünftiger Chancen und Risiken des Unternehmens. Durch das 2004 beschlossene deutsche Bilanzrechtsreformgesetz sind neben Risiken auch zukünftige Chancen im Lagebericht darzustellen. Hierdurch dürfte das Controlling nochmals mehr zum Revisionsobjekt der Jahresabschlussprüfung werden. Wie beim COSO “Internal Control—Integrated Framework” geschehen, kann auch mit Blick auf das neue COSO “Enterprise Risk Management—Integrated Framework” erwartet werden, dass dieses über den US-amerikanischen Rechtsraum hinaus Bedeutung erlangen wird. Insbesondere durch den expliziten Einbezug auch der Chancen verwischen sich beim Enterprise Risk Management die Unterschiede zu einer risikobewussten Unternehmensführung bzw. einem risikobewussten Controlling. Current global initiatives modernizing corporate governance have resulted in an increase in regulation also in Germany. In 2004, the German Bundestag and Bundesrat passed a law enforcing compliance with financial reporting requirement (BilReg Act) including a provision on disclosure of risk management practices as part of the annual report. While in most German companies, risk management systems have been considered part of the controller's task, the controller's respective fulfillment of risk management more and more becomes part of the auditor's procedures regarding financial reporting. As COSO's 1994 «Internal Control—Integrated Framework» influenced various national auditing standards and also the International Standards on Auditing (ISA), one can expect that in the long run COSO's new 2004 «Enterprise Risk Management—Integrated Framework» will become a global benchmark for dealing with business risk. By explicitly both including events with a negative or positive impact (meaning risks or chances) and strategic objectives, the new COSO Framework enables the management process, also interrelating with corporate governance and Internal control.
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Enterprise Risk Management: Zum Einfluss der Governance-Reformen auf das Controlling und die Überwachung
Zeitschrift für Planung & Unternehmenssteuerung, 2005Co-Authors: Karsten PaetzmannAbstract:Die gegenwartigen Modernisierungen der Corporate Governance wirken auf ein Feld ein, das von der Controllingforschung konzeptionell erschlossen ist und von Controllern tagtaglich praktiziert wird: das Management zukunftiger Chancen und Risiken des Unternehmens. Durch das 2004 beschlossene deutsche Bilanzrechtsreformgesetz sind neben Risiken auch zukunftige Chancen im Lagebericht darzustellen. Hierdurch durfte das Controlling nochmals mehr zum Revisionsobjekt der Jahresabschlussprufung werden. Wie beim COSO “Internal Control—Integrated Framework” geschehen, kann auch mit Blick auf das neue COSO “Enterprise Risk Management—Integrated Framework” erwartet werden, dass dieses uber den US-amerikanischen Rechtsraum hinaus Bedeutung erlangen wird. Insbesondere durch den expliziten Einbezug auch der Chancen verwischen sich beim Enterprise Risk Management die Unterschiede zu einer risikobewussten Unternehmensfuhrung bzw. einem risikobewussten Controlling.
Mary B. Curtis - One of the best experts on this subject based on the ideXlab platform.
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The Updated COSO Internal Control—Integrated Framework: Recommendations and Opportunities for Future Research
Journal of Information Systems, 2012Co-Authors: Diane J. Janvrin, Elizabeth A. Payne, Paul Byrnes, Gary P. Schneider, Mary B. CurtisAbstract:ABSTRACT : To address the changing business environment and increased shareholder interest, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently issued an exposure draft updating its 1992 Internal Control—Integrated Framework. We review the updated Framework and discuss the comments we (as the Environmental Scanning Committee of the American Accounting Association's Information Systems Section) offered COSO regarding how to improve the Framework. In addition, we identify research opportunities for accounting information system scholars related to the new Framework.
Marcia Weidenmier Watson - One of the best experts on this subject based on the ideXlab platform.
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SOX 404 Reported Internal Control Weaknesses: A Test of COSO Framework Components and Information Technology
Journal of Information Systems, 2009Co-Authors: Bonnie K. Klamm, Marcia Weidenmier WatsonAbstract:ABSTRACT: This paper examines Internal controls, from both an information technology (IT) and non‐IT perspective, in relation to the five components of the Committee of Sponsoring Organization's Internal Control‐Integrated Framework (COSO 1992), as well as the achievement of one of COSO's three objectives‐reporting reliability. Our sample consists of 490 firms with material weaknesses reported under Sarbanes‐Oxley Section 404 during the first year of compliance. We classify the weaknesses by COSO component and as IT‐related or non‐IT‐related. Our results support the interrelationships of the COSO Framework. The results also show that the number of misstated accounts is positively related to the number of weak COSO components (i.e., scope) and certain weak COSO components (i.e., existence). Firms with IT‐related weak components report more material weaknesses and misstatements than firms without IT‐related weak components, providing evidence on the pervasive negative impact of weak IT controls, especially ...
Paul L Walker - One of the best experts on this subject based on the ideXlab platform.
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comments by the auditing standards committee of the auditing section of the american accounting association on public exposure draft Internal control integrated Framework coso Framework
Current Issues in Auditing, 2012Co-Authors: Scott D Vandervelde, Joseph F Brazel, Keith L Jones, Paul L WalkerAbstract:SUMMARY: In November 2010, COSO announced a project to review and update the 1992 Internal Control—Integrated Framework (COSO 1992). COSO's goal in updating the Framework was to increase its relevance in the increasingly complex and global business environment to help ensure that organizations worldwide can better design, implement, and assess Internal control. The proposed Framework retains the core definition of Internal control and the five components of Internal control. One of the most significant enhancements is the expression of concepts described in the original Framework into 17 principles, accompanied by related attributes. COSO provided for a 104-day exposure period (from December 19, 2011 to March 31, 2012) for interested parties to examine the exposure draft and provide comments. On March 29, 2012, the Auditing Standards Committee of the Auditing Section of the American Accounting Association provided the comments in the letter below to COSO on Public Exposure Draft: Internal Control—Integrat...
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Comments by the Auditing Standards Committee of the Auditing Section of the American Accounting Association on Public Exposure Draft: Internal Control—Integrated Framework (COSO Framework)
Current Issues in Auditing, 2012Co-Authors: Scott D Vandervelde, Joseph F Brazel, Keith Jones, Paul L WalkerAbstract:SUMMARY: In November 2010, COSO announced a project to review and update the 1992 Internal Control—Integrated Framework (COSO 1992). COSO's goal in updating the Framework was to increase its relevance in the increasingly complex and global business environment to help ensure that organizations worldwide can better design, implement, and assess Internal control. The proposed Framework retains the core definition of Internal control and the five components of Internal control. One of the most significant enhancements is the expression of concepts described in the original Framework into 17 principles, accompanied by related attributes. COSO provided for a 104-day exposure period (from December 19, 2011 to March 31, 2012) for interested parties to examine the exposure draft and provide comments. On March 29, 2012, the Auditing Standards Committee of the Auditing Section of the American Accounting Association provided the comments in the letter below to COSO on Public Exposure Draft: Internal Control—Integrat...
Remko M. Renes - One of the best experts on this subject based on the ideXlab platform.
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Comment Letter - Coso 2012 the Release of the New Internal Control-Integrated Framework
SSRN Electronic Journal, 2012Co-Authors: Remko M. Renes, Henk Den Boer, Luc Van ZutphenAbstract:The comment letter welcomes the revised COSO Exposure Draft Internal Control-Integrated Framework, however suggests revisions and additional clarification at the following major points: (1) reconciliation to COSO ERM, (2) neglecting 'safeguarding assets', (3) corporate governance requirements, (4) Internal control audit and soft controls and (5) IT developments.
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The Real Coso, and Nothing but the Real Coso
SSRN Electronic Journal, 2000Co-Authors: Remko M. RenesAbstract:Within the international corporate governance debate, one recommendation which appears to be gaining ground internationally is that management should report, publicly or otherwise, on the effectiveness of management control systems or aspects of it. With respect to evaluation and standards for effectiveness, all reports in the field of corporate governance make reference to the conceptual Framework included in the final report of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control – Integrated Framework [1992]. In our opinion, the international reference to the current COSO report is therefore unjustified: the COSO Framework does not include the assumed and widely acclaimed unequivocal standards.This paper is divided into two sections. In the first section we will analyse the current COSO Framework in more depth and argue for what reasons the COSO Framework does not comprise the internationally widely acclaimed standard. First, we discuss the backgrounds leading to, and the methodology applied by the Committee of Sponsoring Organisations of the Treadway Commission (COSO). Secondly, we evaluate the definition and accompanying content of the COSO Framework. Thirdly, we argue why – in our opinion – the COSO Framework does not comprise the widely acclaimed standards. Fourthly, we evaluate the guidance for evaluation of the effectiveness of management control systems and the general applicability of this guidance. In section two we present a new management control Framework to overcome the deficiencies of the current COSO Framework, in order to fulfil the international widespread corporate governance recommendations for organisations to report on the effectiveness of their management control system. The revised management control evaluation Framework comprises four perspectives on control, which are derived from the main existing paradigms in organisation theory, which represent the general developments of organisation theory. First, we position the COSO Framework between business practice and the different levels of analysis applied science (management control theory), basic science (organisation theory) and relevant paradigms. Secondly, we discuss the origin of the four control perspectives. Thirdly, we will evaluate the arguments mentioned in the COSO Framework to include management control features, using our control evaluation Framework, to analyse whether the partial and restricted view on control of COSO (see section one) is confirmed.
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Management Control of the Process of Evolution: Fact or Fiction?
SSRN Electronic Journal, 1996Co-Authors: Remko M. Renes, Marc Van Der ErveAbstract:This paper presents the results of a research-project to integrate the Management Control Framework, based upon the COSO report Internal Control - Integrated Framework [1992], and the theory of Evolution Management. The research question is to explore whether this Management Control Framework is of use in the process of evolution.Today effective management control systems are no guarantee for success tomorrow. Even winning the “Baldridge Award” for quality management is no guarantee for survival. From an evolutionary point of view, the principles of natural growth and self-organisation, show that organisations evolve through different stages such as no growth, new growth, high growth and declining growth. Not (high) growth, as is often assumed, but survival is the pivotal criterium. Our paper presents the results of an opinion survey among 131 high-level managers in 109 organisations across 7 countries in Europe. The survey was conducted to identify the organisational states and directions which have naturally evolved and to explore the perceptions, if not, misconceptions of management. The contributing corporations include profit and non-profit organizations in a wide variety of industries. The research results are remarkable. Not only is the unreversable proces of evolution confirmed. The survey also shows how managers’ perception of organisational success and effective management control systems are biased by the stage of high growth. Declining growth, no growth and to a certain extent, new growth tend to be seen as failure.The paper concludes with an innovative view on how to use these findings in the design of an effective management control-system which better supports companies in the different stages of growth.