COSO objectives refer to the goals of a company. Which fall into three categories: OperationsReportingCompliance Management designs, implements, and monitors internal controls to meet company objectives (goals). Each internal control put into place falls under one of these three objectives. Let’s take a look at each objective to determine which type of control would help an organization meet the objectives. Operations Objective Operations objectives refer to the entity’s business … [Read more...] about Understanding the COSO Control Objectives
The COSO Internal Control Framework
The COSO framework was developed to help organizations design and implement a system of internal control, enterprise risk management, and fraud deterrence. COSO stands for The Committee of Sponsoring Organizations of the Treadway Commission. History of the COSO Framework In June 1985, the National Commission on Fraudulent Financial Reporting was established. The Commission was commonly referred to as the “Treadway Commission” after its chairman the SEC Commissioner James C. Treadway, … [Read more...] about The COSO Internal Control Framework
How to Create an Effective Whistleblower Policy
A whistleblower policy provides employees and others the opportunity to report questionable activities for investigation. Providing employees with the knowledge of how and where to report, what information to report, how employees will be protected, and how the company will handle investigations. Whistleblowing policies help reduce workplace fraud and shortens the lifespan of fraud schemes. According to The Association of Certified Fraud Examiners (ACFE), whistleblower tips uncovered 43% of … [Read more...] about How to Create an Effective Whistleblower Policy
Accounting is the language of business
Warren Buffett is credited with coining the phrase “accounting is the language of business.” And he couldn’t be any more right. The easiest way to tell the health of a business is by reading their financial statements. Why is Accounting the language of business? Accounting shows you what has happened historically to a business. The language of Accounting is universal. While some countries account for items differently; financial statements mean relativity the same thing anywhere in … [Read more...] about Accounting is the language of business
1 Email Lead Unalaska to a $2.9 Million Mistake
You may think that you’ll never fall for a phishing email. However, phishing schemes can be quite sophisticated. It’s a routine day at the office. You receive an email from a vendor notifying you that their banking information has changed and needs to be updated. Everything appears to be correct and in order, so you go ahead and make the change updating the bank account information. Only to realize with quite a bit of embarrassment and almost $3 million later that you have been taken in … [Read more...] about 1 Email Lead Unalaska to a $2.9 Million Mistake
What is a phishing scheme?
A phishing scheme is conducted typically by email. However, they can occur by a text, an app, or a pop-up window. They claim to have something that needs your immediate attention. Often there is something to entice the user to click on the link or attachment that is included in the email. What would someone be phishing for? The goal behind phishing is to gain access to your computer or device without your knowledge. They are hoping that in some way they can gain access to data that would … [Read more...] about What is a phishing scheme?