Describe the internal control principle of Risk Assessment as presented in COSOs 2013 Framework, SOX 2002 Sections
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Question:
Describe the internal control principle of “Risk Assessment” as presented in COSO’s 2013 Framework, SOX 2002 Sections 404 & 302, and PCAOB’s AS 5.
Compare the internal control effectiveness of the Internal Control-Integrated Framework issued by COSO, the Sarbanes-Oxley Act of 2002, Section 404 “Internal Control over Financial Reporting Requirements”, and PCAOB’s AS 5 “an Audit of Internal Control over Financial Reporting that is integrating with an Audit of Financial Statements.”
Expert Answer:
1 The 2013 COSO Framework introduces 17 internal control principles each of which is linked to one o... View the full answer
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