Enterprise Risk Management and COSO A Guide

Traditionally, risk assessment has been viewed as an imprecise art, the relative success of which cannot be measured or quantifiedÉuntil now. Quantitative COSO Risk Management defines a quantitative approach to risk assessment and internal control validation that allows management to assess, measure, and score compliance and risk mitigation activities compatible with the COSO models of control and risk assessment. The book provides regulators, shareholders, senior management, and external advisors with the tools to improve oversight of control structures through quantified scores.

Harry Cendrowski, CPA, ABV, CFF, CFE, CVA, CFD, CFFA, is Managing Director and co-founder of Cendrowski Corporate Advisors, Cendrowski Selecky PC, and Prosperitas Group LLC. He has over twenty-five years of experience assisting firms with their corporate governance and risk management practices. Harry is also active in the private equity (PE) arena, and has assisted PE funds with their due diligence and operational activities. He frequently serves as an expert witness in the areas of forensic accounting, business valuation, and fraud investigation. He is coauthor of Private Equity: History, Governance, and Operations and The Handbook of Fraud Deterrence, both published by Wiley. Harry also serves as the Director of Fraud and Forensic Services for the International Association of Consultants, Valuators and Analysts and is coauthor of the training materials used to train every Certified Fraud Deterrence Analyst (CFD).

William C. Mair is a former partner at Touche Ross & Co. (now Deloitte), chief auditing officer, chief accounting officer, and board member of a registered investment company. He is currently a financial systems consultant. Bill has studied internal control from all angles and has written extensively on the subject. He is best known as lead author of Computer Control and Audit, a revolutionary book in the field of information systems auditing. The Information Systems Audit and Control Association (ISACA) voted Bill the fourth most influential person among the pioneers of information systems auditing in a study published by the EDP Auditor Journal.

About the Contributors	p. vii
Acknowledgments	p. xi
Preface	p. xiii
Organizational Risk Management	p. 1
An Introduction to Risk	p. 9
Key Tenets of Enterprise Risk Management	p. 17
Mitigating Operational Risks Through Strategic Thinking	p. 39
Mitigating Risks in Internal Investigations and Insurance Coverage	p. 53
Quantitative Risk Management	p. 67
Recognized Control Frameworks: COSO-IC and COSO-ERM	p. 75
Other Control Frameworks	p. 99
Qualitative Control Concepts	p. 113
Quantitative Control Relationships	p. 151
Excel Applications	p. 179
Interdependent Systems	p. 191
Documentation	p. 203
The Process for Assessing Internal Control	p. 219
Monitoring Internal Controls	p. 239
Accounting Policies and Procedures	p. 257
Business Process Applications	p. 273
General and Infrastructure Systems	p. 285
Trusted System Providers	p. 295
Reporting on Internal Control	p. 303
Review and Acceptance of Assessments	p. 311
Glossary	p. 317
Appendix: Internal Control Sections of the Sarbanes-Oxley Act	p. 319
Index	p. 323
Table of Contents provided by Ingram. All Rights Reserved.

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Enterprise Risk Management and COSO A Guide for Directors, Executives and Practitioners

Summary

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Table of Contents

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