Rogue Trader Coco Assignment

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Rogue Trader Name(s) ___________________________ Accounting information systems ____________________________ I understand that this exam is to be completed by myself or in a team of two and that any assistance received from other students or any unauthorized source is cheating and subject to the appropriate disciplinary action as deemed by the Office of the Dean of Albers School of Business and Economics. I (we) am aware of the exam policies / rules provided and agree to abide by them. _____________________________________ Student's Signature – Date _____________________________________ Student's Signature – Date Important: Make sure you read all the way through this assignment. Information regarding…show more content…
You also remember there is a web site that explains the COSO framework and make a note to yourself to explore this resource tonight (http://www.coso.org/). In addition, you know that most large CPA firms have published information for their clients on the implementation of the COSO framework that is available on their respective websites. You only have one week to get ready for the meeting. Besides not eating at lunchtime, you probably won’t be going anywhere this weekend. EXHIBIT 1 Summary of COSO and Barings Bank 1. The “Control Environment” establishes the tone of a company and influences the control awareness of the employees. It is the foundation for all the other internal control components and provides discipline and structure for the entire business operation (Bagranoff, Simkin, and Strand 2005, 110). 2. The purpose of “Risk Assessment” is to identify organizational risks, analyze their potential in terms of costs and likelihood of occurrence, and install those controls whose projected benefits outweigh their costs (Bagranoff, Simkin, and Strand 2005, 111). 3. “Control Activities” are the policies and procedures that an organization develops to help protect the assets of the firm (Bagranoff, Simkin, and Strand 2005, 111). 4. “Information and Communication” include the methods that management uses to record, process, and exchange information within the firm so that employees understand their roles and responsibilities pertaining to

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