ACC491 Phoenix COSO and Sarbanes Oxley Internal Controls Paper

Internal Controls, COSO, and SOX Paper

Write a paper on COSO and how it relates to Sarbanes-Oxley and the auditing of public companies in 850 words. Address the following:

  • Provide a brief history of COSO.
  • Describe the five components and 17 principles of the COSO Framework.
  • Review your company’s “Management’s Annual Report on Internal Control over Financial Reporting” and “Report of Independent Registered Public Accounting Firm” (usually found in Section 9A of the Form 10-K) and explain why these reports are necessary.

Respond to the following in a minimum of 175 words:

Judy Thomas

Discuss the meaning of “internal control” in the context of accounting. Then share five examples of internal control procedures designed to prevent fraud and accidental accounting errors.