Corporate Compliance Report

2156 words, 9 pages

Intro Sample...


Communication of enterprise risk management to users of financial information clearly enhances transparency” (COSO, 2006). The new COSO framework consists of eight components which are: internal control environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication, and monitoring” (Sox-online, 2006). By understanding and employing these eight significant components, the stakeholders and management can design better internal controls for their organizations. Moreover, by instituting internal controls organizations are easily able to fulfill the directives of the Sarbanes-Oxley Act of 2002 (SOX). Section 404 of SOX distinctly relates to the efficacy of internal controls. Section 404 establishes responsibility on the corporate officers and board of directors on the accurateness of its financial documents as well as the assessment of internal controls. Additionally, Section 404 designates officers and the board responsible for processes for financial disclosures, liabilities, and the limitations of the internal controls. In For SOX compliance, corporations must provide documentation and evaluations demonstrating their financial reporting processes are precise, operating successfully, and are examined closely

According to COSO’s Chairman, John J. Flaherty, “this framework could not be completed at a more appropriate time… organizations worldwide now recognize the linkage between corporate governance, enterprise risk management and entity performance” (COSO, 2006). Western Assets (Western) is a top fixed income manager. Seeing that Western Assets is a part of the financial industry, they have to be cautious of insider trading, fraud, and theft. The penalties of these unlawful acts impact affect the company’s n View More »

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