Fine tuning your internal controls with COSO - PwC
Fine tuning your internal controls
with COSO
14 June 2019
COSO
Overview
Updated
Internal
Controls
framework
Contents
The CPAs role in maintaining security and promoting data privacy
PwC
Summary of
key updates
Impact of
COSO to
business
Q&A
Protection
Let us know, which
among the words
comes into your
mind first when you
think about internal
controls?
Necessary
Compliance
Task
Barrier
Override
Fine tuning your internal controls with COSO
PwC
3
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 objectives
relating to operations,
reporting and compliance
Definition under the 2013 COSO Internal Control ¨C Integrated
Framework
Fine tuning your internal controls with COSO
PwC
Geared to the
achievement of objectives
A process
Effected by people
Provide reasonable assurance
Adaptable to the entity
structure
4
What is COSO Internal
Control Integrated
Framework?
In 1992, COSO published the original IC Framework (authored
by PwC), which allows the management of an organization to
? establish,
? monitor,
? evaluate, and
? report on internal control.
The original IC Framework has gained widespread acceptance
and use worldwide.
In 2013, COSO published the updated IC Framework (also
authored by PwC) to ease use and application,
? considering changes in business and operating
environments,
? articulating principles and clarifying requirements for
effective internal control, and
? encouraging users to apply internal control to additional
objectives.
Fine tuning your internal controls with COSO
PwC
5
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