Biltrite Module 2

Only available on StudyMode
  • Download(s) : 485
  • Published : December 15, 2011
Open Document
Text Preview
Module 2
1. Identify strengths and weaknesses using the 20 principles outlined in COSO's 2006 Guidance. Control Environment
Integrity and Ethical Values- he company and human resources department developed a code of conduct for Biltrite detailing expected standards of ethical behavior and distributed it to all existing employees. this instills a high ethical value into the environment, and shoes that management is wanting a high ethical and integrity of the company. •Board of Directors- Regarding the board of directors, it is necessary for additional information to determine whether they exercise oversight and responsibility related to financial reporting and related internal control. It is noted that the board is responsible for making hiring recommendations, which is then screened by human resources •Managements philosophy and operating style- Additional information is needed for the audot to be able to consider the following information: othe independence, objectivity, and competency of the internal audit function othe design and comprehensiveness of the internal audit testing and evaluation approach, including an analysis and test of the organization's approach to remediatation control problems othe documentation of the internal audit testing

Organizational structure- the company demonstrates a good organizational structure for internal control. •Financial reporting competencies- he external board members have considerable financial expertise in their respective industries. In additional information we would like to know the number of board members that are external to determine if the board is independent. •Authority and responsibility- training programs are in place to give employees and managers the proper tools, with software to make it work. •Human Resources- Human resources division, screens and investigates all applicants for proper background and required education, training, and experience for the positions. Final Hiring and...
tracking img