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COSO Embraces Enhanced Fraud Risk Management
Author(s) -
Shapiro David
Publication year - 2014
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.21952
Subject(s) - covert , commission , internal audit , accounting , business , audit , risk management , control (management) , audit risk , management , finance , economics , philosophy , linguistics
COSO—the Committee of Sponsoring Organizations of the Treadway Commission—has updated its internal control guidelines. The problem of internal control is now seen as one of analysis and synthesis, rather than detecting covert perils from rogue employees or others. The new guidelines include operating risks, nonfinancial statements, and omissions in the external auditor's integrated audit.