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COSO-Internal Control Framework (C2) Control .Activities Consideration of Fraud - August 2017

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COSO-Internal Control Framework (C2) Control .Activities Consideration of Fraud - August 2017

Description

COSO - Integrated Internal Control Framework
COSO CONTROL COMPONENT: CONTROL ACTIVITIES
COSO CONTROL OBJECTIVE: OPERATIONS - Business Management - Consideration of Fraud.
COSO ORGANIZATION LEVEL OF RESPONSIBILITY: BUSINESS UNITS AND ACTIVITY LEVEL

Following are the best practices or general control activities which may be implemented as is or these can be used to develop/ prepare organization specific control activities, policies and procedures. Procedural manuals may also be available at AuditNet.com and you may access/ download the templates subject to your membership subscription.

Control Objectives:
1) Management should establish a mechanism and a standard method for fraud risk assessment.
2) Management should implement a pervasive control environment throughout the organization.
3) To mitigate the specific risk of fraud, management should establish anti-fraud control activities.
4) Management should communicate spread the aware to employees regarding commitment to ethical behavior.
5) There should be a mechanism through which ongoing monitoring of activities is performed by an independent department i.e. Internal Audit or control department.

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