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    Larry E Rittenberg
    Pathways Commission
    discussion posted August 4, 2010 by Larry E Rittenberg, last edited February 10, 2012 by Bruce K Behn 
    987 Views, 3 Comments
    discussion:
    Pathways Commission
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    I have read your project paper and viewed your presentation from yesterday.  Although stated very broadly, the presentation still focuses on 'money", rather than "transforming data into information" (which has also been suggested as a definition of accounting).  While the documents talk about what accountants do, the value proposition for accounting still seems very narrow (to me, at least)  by focusing on money (and similar measures).  As you progress, I urge your commission to keep in mind the broad areas that COSO has covered in the past few years (governance, enterprise risk management, controls, fraud prevention and detection) as an integral part of accounting.  I personally believe it will continue to be a growing part of what will be happening in our organizations, and either we endorse it or lose it.  I know that you have Paul Sobel on one of your supplier groups. He is excellent and can bring the internal audit, control, and risk management perspective to the discussion.

    Good luck on the project.  It is important and I wish you well.  If there is anything I can do to help, please let me know.

    Comment

     

    • Bruce K Behn

      Larry,

      Thanks for your thoughts and willingess to assist and go Badgers!!

      Bruce

    • Robert E Jensen

      COSO:  Committee on Sponsoring Organizations of the Treadway Commission in 2012 ---
      http://www.coso.org/

      October 26, 2012

      New ERM Thought Paper Details Latest Thinking on Risk Assessment

      Recognizing the evolving nature of enterprise risk management (ERM) in recent years, COSO has released a new thought paper authored by representatives from Deloitte titled Risk Assessment in Practice. The paper provides the latest thinking on risk assessment approaches and techniques that have emerged as the most useful and sustainable for decision-making.  It represents another in a series of papers published by COSO aimed at helping organizations move up the maturity curve in their ongoing development of a robust ERM program.


      Read the COSO thought paper, Assessment in Practice.
      Read the full press release.

      September 18, 2012

      COSO Releases for Comment Internal Control Over External Financial Reporting

      COSO has released for public comment an exposure draft of its Internal Control over External Financial Reporting (ICEFR): Compendium of Approaches and Examples. This Compendium, part of COSO’s overall project to update its Internal Control–Integrated Framework (Framework), has been developed to assist users when applying the Framework to external financial reporting objectives. COSO is also making available an updated version of the Framework, revised to give effect to comments received in the earlier public exposure, as well as proposed Illustrative Tools to assist in assessing effectiveness. COSO welcomes comments on all three of these documents.

       

      Read the Press Release
      View Exposure Draft and Provide Comments
      Read FAQ
      Download PowerPoint Presentation

      June 20, 2012

      Managing Risks of Cloud Computing the Focus of COSO’s Latest Thought Leadership

      In response to the growing number of organizations utilizing cloud computing as a viable alternative for meeting their technology needs, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has published a new thought paper titled Enterprise Risk Management for Cloud Computing. The thought paper provides guidance on following the principles of the COSO Enterprise Risk Management (ERM) – Integrated Framework to assess and mitigate the risks arising from cloud computing.

      Download the thought paper
      Read the full press release.

      April 30 , 2012

      COSO Expects to Issue the Updated Internal Control-Integrated Framework and Related Supporting Documents During the First Quarter of 2013.
       

      The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has announced that the updated Internal Control–Integrated Framework (ICIF or Framework) is expected to be released during the first quarter of 2013. The final Framework is expected to enable organizations to adapt to increasing complexity and pace of change; to mitigate risks to the achievement of objectives; and to provide reliable information to support sound decision making.

      View press release.

      April 2 , 2012

      COSO Develops Draft Update to Internal Control - Integrated Framework. Public Comment Period Now Closed.


       

      In December, COSO released – for public comment – a draft update to the 1992 Internal Control – Integrated Framework (Framework) intended to help organizations improve performance with greater agility, confidence and clarity. The public comment period ended on March 31, and the final updated Framework is slated to be released in early 2013.

      View the Initial ICFR Draft Update
      View the Public Comments
      Read Frequently Asked Questions
      Download PowerPoint Presentation
      Read Initial Press Release Published December 19, 2011

      Visit the exposure draft Website for more information: www.ic.coso.org
       

      March 1 , 2012
       

      COSO Releases Thought Paper on Enhancing Board Oversight by Avoiding and Challenging Traps and Biases in Professional Judgement

       

      COSO has released Enhancing Board Oversight: Avoiding Judgment Traps and Biases, a thought-paper detailing a five-step judgment process that board members and others can use to overcome common pitfalls and mitigate the effects of judgment bias. The judgment process is based on KPMG’s Professional Judgment Framework, which enables individuals to identify where and when the quality of judgments tends to be threatened by predictable, systematic judgment traps and biases.

      View thought paper.
      View press release.

      January 20, 2012
       

      Enterprise Risk Management - Understanding and Communicating Risk Appetite


       

      Organizations encounter risk every day as they pursue their objectives. Risk appetite — the amount of risk organizations are willing to accept in pursuit of their objectives — is an integral part of an effective ERM system. This thought paper aims to help organizations develop, better articulate, and implement “risk appetite.” It provides examples of statements of risk appetite and emphasizes the notion that risk appetite should be clearly defined, communicated by management, embraced by the board, and continually monitored and updated.

      View Thought Paper
      Read Press Release

      Risk Analysis in Accounting Theory ---
      http://www.trinity.edu/rjensen/Theory01.htm

      Ratios for Return, Valuation, and Risk Analysis ---
      http://www.trinity.edu/rjensen/roi.htm

      Free Tutorials on Accounting for Derivative Financial Instruments and Hedging Activities ---
      http://www.trinity.edu/rjensen/caseans/000index.htm

    • Robert E Jensen

      Committee of Sponsoring Organizations of the Treadway Commission (COSO) ---
      http://en.wikipedia.org/wiki/Committee_of_Sponsoring_Organizations_of_the_Treadway_Commission

      From the CFO Journal's Morning Ledger on September 24, 2014

      Implementing COSO's Internal Control-Integrated Framework ---
      http://deloitte.wsj.com/cfo/2014/09/26/implementing-cosos-internal-control-integrated-framework/

      To unlock the value that can be achieved by adopting COSO's 2013 Internal Control-Integrated Framework, management should take a step back and evaluate how it is addressing the risks to its organization in light of its size, complexity, global reach and risk profile. Learn about leading internal control practices that may help address common challenges related to implementing the 2013 Framework, as well as perspectives on applying the framework for operational and regulatory compliance purposes.

      Continue Reading Today's Article --- http://deloitte.wsj.com/cfo/2014/09/26/implementing-cosos-internal-control-integrated-framework/

      Read More --- Deloitte Insights »http://deloitte.wsj.com/cfo/

      Bob Jensen's threads on managerial accounting ---
      http://www.trinity.edu/rjensen/Theory02.htm#ManagementAccounting