Coso Plan Adoption

COSO Plan Adoption
Elizabeth Bryant, Sarah Case, Cindy Wells
Professor Ben Waggoner
March 24, 2013
University of Phoenix

COSO Plan Adoption
Two of the most important components are Control environment and Risk-Management. Control environment establishes structure, authority, and responsibility within an organization. It demonstrates commitment to integrity and ethical values at levels within an organization. The problem here is that most organizations did not have the resources available in identifying a true framework for the development of an ERM process.
The framework of COSO is most widely used framework in the United States and is also widely used round the world. COSO geared to provide reasonable assurance for achievement. An objective linked to operations, compliance, and fiscal reporting. Under these objectives, there are five components of internal control that have an additional 17 principles embedded into the framework of what is known as the COSO cube.   It exercises oversight responsibility and enforces accountability at the highest level, and it demonstrates commitment to competence as it adapts to changing business needs.
A business can start to shift to informal risk management to ERM by Practical Approaches for Getting Started. It discusses the importance and need for ERM and examines the supposed barriers to starting ERM and how to break in the course of barrier through keys to success, initial action step, and continuing ERM implementation.
Keys to Success present the reader with seven themes proven to be valuable in successfully initiating ERM. The themes as identified by Frigo and Anderson (2011) are as follows:
  * Support from the top –Theme 1
  * Build ERM -Theme Two