More Related Content Similar to Leveraging Effective Risk Management and Internal Control for Your Organization (20) More from International Federation of Accountants (20) Leveraging Effective Risk Management and Internal Control for Your Organization1. 1IMA’s 94th Annual Conference
© 2013 Institute of Management Accountants. and International Federation of Accountants All rights reserved.
Leveraging Effective Risk
Management and Internal
Control for Your Organization
Presenters:
J. Stephen McNally, Campbell
Soup
Vincent Tophoff, IFAC
2. Learning Objectives
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IMA’s 93rd Annual Conference
© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Upon completing this session, you will be able
to:
1. Summarize the most important pitfalls in current
risk management & internal control (RM/IC)
practice
2. Gain insight into current thinking about RM/IC
3. Understand key concepts contained in the most
important RM/IC guidelines, including:
COSO 2013 Internal Control Integrated
Framework
COSO 2004 ERM Integrated Framework
ISO 31000 Risk Management Standard
4. Better appreciate the impact of these
developments & approaches on you & your
organization
3. Today’s Agenda
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IMA’s 93rd Annual Conference
© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
The Pitfalls ‟ Setting the Scene
Current Thinking
The Frameworks:
COSO 2013 Internal Control Integrated
Framework
COSO 2004 ERM Integrated Framework
ISO 31000 Risk Management Standard
Impact on You & Your Organization
Other Emerging Trends
Management Accountant “Call to Action”
Q&A
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
The Pitfalls – Setting the Scene
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Bad vs. Good RM/IC Practices
There has been an overwhelming load of bad
practice:
RM/IC as objective in itself vs. RM/IC to achieve
objectives
Auditor / staff driven vs. Board and
management driven
Rules-based vs. Principles-based
Of the shelf systems vs. Tailor made
Focused on threats only vs. Also focused on
opportunities
Mainly hard controls vs. Social / human
aspects
Artificially implemented vs. Organically
implemented
Stand-alone / “bolt-on” vs. Integrated / ”built-
in”
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Global Crisis
The Global Crisis, according to IMA & IFAC
research, was caused by:
Ethical flaws
Governance, RM/IC in name, but not in spirit
Regulatory overload, leading to legalistic
compliance
Risk & control systems too narrowly focused on
only financial reporting controls
Conclusions from the crisis:
Organizations should take a broader approach in
risk management and internal control
Appropriate application of risk management and
internal control standards and principles is often
the problem
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Current Thinking
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Current Thinking About Risk
The safest place for a ship…
… is to stay in the harbor
But that’s not what ships were made for…
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Current Thinking About Risk
… Instead, ships were made to transport
people & goods to other destinations…
… And that involves risk…
So, what is risk?
„ Risk is nowadays defined as “the effect of
uncertainty on (setting and achieving) the
organization’s objectives” (ISO 31000)
„ No Objectives = No Risk. Therefore, risk
should always be assessed in light of
(setting and achieving) the organization’s
objectives!
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Current Thinking About Risk Mgt.
Q: “How does your organization address uncertainty
in achieving its strategic objectives?”
A: “Through our strategic management system;”
Line management engaged in plan-do-check-act
cycle
Focused on achieving the organization’s
objectives
Q: “How does your organization address risk?”
A: “Through our risk management system;”
(separate) risk and control system, staff
functionaries, risk register
Focused on mitigating risk
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Current Thinking About Risk Mgt.
What does this example tell us?
„ That we, management accountants, have
made great progress in the area of risk
management & internal control…
„ …But that we, in the process, lost the other
people in our organization!
Risk Management
Rest of the
Organization
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IMA’s 93rd Annual Conference
© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Current Thinking About the Risk Mgr
Biggest risk facing an
organization:
Disconnect between
those responsible for
achieving strategic
objectives vs. those
responsible for
managing risk
Solution:
Making those
responsible for
achieving strategic
objectives also
responsible for
managing related
risks!
Key objective for management accountants is
to ensure that RM/IC is fully integrated in
line management!
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Current Thinking About Internal Control
Hindering the
organization
Enabling the
organization
Good internal control = The Invisible Hand
From To
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
The Frameworks
(COSO 2013 Internal Control Integrated Framework)
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
The Original Framework
COSO Internal
Control
Integrated
Framework
• First published in 1992
• Gained wide acceptance
in the early 2000’s w/
passage of SOX
• Most widely used Internal
Control framework in US
• Widely used around the
world
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Key Concepts Are Timeless
„ A Process
„ Effected by People
„ Provides Reasonable Assurance
„ Geared to Achievement of Operational,
Financial Reporting & Compliance Objectives
„ Consists of Five Components:
Control Environment
Risk Assessment
Control Activities
Information & Communication
Monitoring
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Why Update What Works?
ICIF Works
Well Today
COSO’s Internal Control‟Integrated Framework (1992 Edition)
COSO’s Internal Control‟Integrated Framework (2013 Edition)
Reflect changes in
business & operating
environments
Updates
Context
Expand operations
and reporting
objectives
Broadens
Application
Articulate
principles to
facilitate effective
internal control
Clarifies
Requirements
Enhancements
Refresh
Objectives
ICIF Will
Work Better
Tomorrow
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Project Deliverable #1
„ Consists of 3 volumes:
− Executive Summary
− Framework & Appendices
− Illustrative Tools for
Assessing Effectiveness of
a System of Internal
Control
„ Sets out:
− Definition of internal
control
− Categories of objectives
− Components of internal
control
− Requirements for
COSO Internal Control Integrated Framework (2013 Edition)
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Project Deliverable #2
„ Approaches & examples on
how principles are applied
in preparing financial
statements
„ Considers changes in business
& operating environments
during past two decades
„ Relevant for variety of
entities ‟ public, private,
non-profit & government
„ Consistent w/ updated
Framework
Internal Control over External Financial Report: A Compendium…
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Summary of Updates
Update Expected to Ease Use & Application
What is not changing... What is changing...
1. Core definition of
internal control
2.Five components of
internal control
3.All components are
necessary for effective
internal control
4.Important role of
judgment in designing,
implementing &
conducting internal
control & in assessing its
effectiveness
1. Changes in business &
operating environments
considered
2.Operations & reporting
objectives expanded
3.Fundamental concepts
underlying the five
components now
articulated as principles
4.Additional approaches &
examples relevant to
operations, compliance &
non-financial reporting
objectives added
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
2013 COSO Cube
Environmental changes ...
… have driven Framework
updates
Expectations for governance
oversight
Globalization of markets &
operations
Changes & greater complexity in
business
Demands & complexities in laws,
rules, regulations & standards
Expectations for competencies &
accountabilities
Use of, and reliance on, evolving
technologies
Expectations relating to preventing
& detecting fraud
2013 COSO Cube
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Internal Control Principles
Control Environment
Risk Assessment
Control Activities
Information &
Communication
Monitoring Activities
1. Demonstrates commitment to integrity & ethical values
2. Exercises oversight responsibility
3. Establishes structure, authority and responsibility
4. Demonstrates commitment to competence
5. Enforces accountability
6. Specifies suitable objectives
7. Identifies and analyzes risk
8. Assesses fraud risk
9. Identifies and analyzes significant change
10.Selects and develops control activities
11. Selects and develops general controls over technology
12. Deploys through policies and procedures
13. Uses relevant information
14. Communicates internally
15. Communicates externally
16. Conducts ongoing and/or separate evaluations
17. Evaluates and communicates deficiencies
Update Articulates Principles of Effective Internal Control
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Points of Focus
Control
Environment
Principle 1: The organization
demonstrates a commitment to
integrity & ethical values
Update Also Describes Important Characteristics
of the Principles
Related Points of Focus
• Sets the Tone at the Top
• Establishes Standards of Conduct
• Evaluates Adherence to Standards of
Conduct
• Addresses Deviations in a Timely
Manner
There is No Requirement, However, to Separately
Assess Them
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Requirements
„ Effective internal control provides reasonable assurance
regarding the achievement of objectives & requires that:
Each component & each relevant principle is present &
functioning
The five components are operating together in an integrated
manner
„ Each principle is suitable to all entities & all principles
are presumed relevant
„ Components operate together when aggregated
deficiencies do not result in one or more major
deficiencies
„ A major deficiency represents an internal control
deficiency or combination thereof that severely reduces
Update Clarifies Requirements for Effective
Internal Control
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Controls to Effect Principles
• The Framework does not prescribe specific controls to
be selected, developed & deployed
• An organization’s selection of controls to effect
relevant principles and associated components is a
function of management judgment based on factors
unique to the entity
• Understanding how controls effect principles can
provide persuasive evidence supporting management’s
assessment of whether components & relevant principles
are present & functioning
Controls to Effect Principles Subject to
Management Judgment
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Transition & Impact
• Users encouraged to transition as soon as feasible to
benefit from the 2013 edition’s enhancements &
clarifications
• The 2013 Framework will supersede the original at the
end of the transition period (i.e., 12/15/14)
• During the transition period, external reporting should
disclose whether the original or 2013 Framework was
used
• Impact of adopting the 2013 Framework will vary by
organization
COSO’s Updated Framework Released May 14
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
The Frameworks
(COSO 2004 ERM Integrated Framework)
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
The COSO ERM Framework
COSO ERM Framework
• Published in 2004
• Provides guidance to help
businesses & other entities
develop & apply their ERM
activities
• Identifies & describes 8
interrelated components
necessary for effective
ERM
• Complements COSO’s
updated ICIF
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
COSO ERM vs. ICIF Frameworks
COSO ERM Addresses Strategic Objectives and …
… Expands “Risk Assessment” Into 3 Components
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Additional Considerations on ERM
„ Internal control is an integral part of ERM… While
ERM is part of the overall governance process
„ ERM is applied in setting strategies as well as in
achieving operational, reporting & compliance
objectives
„ The ERM Framework expands the COSO ICIF’s “Risk
Assessment” component into “Event Identification”,
“Risk Assessment” & “Risk Response”
„ COSO’s ERM Framework introduces the concepts of
risk appetite & risk tolerance
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
The Frameworks
(ISO 31000 Risk Management Standard)
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
ISO 31000
„ International Standards Organization (ISO)
developed the standard ISO 31000:2009 Risk
Management
„ ISO’s Rationale:
o All of an organization’s activities involve risk
o Organizations need to manage this risk
o ISO 31000 describes how to do this in a
systematic & logical way
o ISO 31000 offers a series of principles, a
framework & a process to manage risk
effectively
ISO 31000 can be used by any type of entity…
… And can be applied to any type of risk
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
ISO 31000 Risk Management Principles,
Framework & Process
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
ISO 31000 Risk Management Principles
„ Creates Value
„ Integral Part of Organizational Processes
„ Part of Decision-Making
„ Explicitly Addresses Uncertainty
„ Systematic, Structured & Timely
„ Based on “Best Available Information”
„ Tailored
„ Considers Human & Cultural Factors
„ Transparent & Inclusive
„ Dynamic, Iterative & Responsive to Change
„ Facilitates Continuous Improvement
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
ISO 31000 Risk Management Framework
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
ISO 31000 Risk Management Process
To be applied
in every
decision
making
process
and
subsequent
execution!
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Benefits of ISO 31000
Implementing ISO 31000 Enables Your
Organization To:
• Be aware of the need to identify & treat risk
throughout the organization
• Improve the identification of opportunities & threats
• Establish a reliable basis for decision making &
planning
• Increase the likelihood of achieving its objectives
• Improve operational effectiveness & efficiency
• Enhance health & safety performance as well as
environmental protection
• Comply with relevant legal & regulatory
requirements
• Improve mandatory & voluntary reporting
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
COSO ERM vs. ISO 31000
COSO ISO 31000
Lengthy vs. Short
Focused on ERM vs. General approach to managing
risk
One cube vs. Framework and process
Skewed to negative vs. Risk can be positive or
negative
Risk already exists vs. Risk tied to achieving
objectives
Risk & opportunities vs. Opportunities also source of
risk
More sequential process vs. More iterative
process
Many entities use both COSO ERM & ISO 31000…
… Biggest challenge is that concepts not aligned
Too short,
however, to
really
understand
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Impact on You & Your Organization
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Guidance to Avoid or Overcome Pitfalls
Good internal control should:
• Support the organization’s objectives
• Define clear roles and responsibilities
• Foster a motivational culture
• Link to individual performance
• Ensure sufficient competency
• Respond to risk
• Be communicated regularly
• Be monitored and evaluated regularly
• Provide for accountability and transparency
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
The Management Accountant’s Role - #1
Champion importance of good risk
management:
• Many management accountants are in leadership
positions
• Attitude and behavior of management
accountant sets tone for good RM/IC in the
organization
• Integrating RM/IC into line management of an
organization!
• Most important element: making risk
management part of every decision making
process in the organization (SWOT)
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
The Management Accountant’s Role - #2
Support line management by providing
high-quality information:
• Decisions should only be taken with explicit
understanding of related risks and their
potential consequences for achieving an
organization’s objectives
• Therefore, decision makers require relevant
and reliable information for their decision
making and control processes
• Management accountants often responsible
for providing high-quality information
produced through the finance & control
systems
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
The Management Accountant’s Role - #3
Establish RM/IC for the finance function:
• Management accountants usually are
specifically accountable for finance and
control
• Therefore, management accountants should
make RM/IC part of every decision related to
achieving the organization’s finance objectives
• Management accountants also usually involved
in analyzing and reporting on the organization’s
(RM/IC) achievements
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Other Emerging Trends
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Emerging Trends
An IFAC Global Survey on Risk Management &
Internal Control recommended the
following :
„ Emphasize the benefits of (more integrated) risk
management and internal control
„ Bring various risk management and internal
control standard setting organizations (e.g., COSO,
ISO 31000, the Risk Oversight & Governance Board,
etc.) and their guidelines closer together
„ Collaborate with experts on developing practical
application guidance for (integration of) risk
management and internal control
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Integrated RM/IC Maturity Matrix
• Crisis
managemen
t
• Internal
control
now
complement
ed with risk
mgt
• But
performed
in a silo…
• Integrating
risk
management
& I/C in the
governance
&
management
of
organizatio
n
Level 1:
Non-existent
or ad hoc
Level 2:
Internal
control only
Level 3:
RM/IC
as a silo
Level 4:
Integrated
RM/IC
•Formal
internal
control
•Mainly
focused on
external
financial
reporting
We Are Now Here!
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Guidance for Integrating Risk & Control
„ Risk management & internal control are means to
an end…
… Making sound (SWOT) decisions to achieve the
organization’s objectives without
surprises!
„ RM/IC guidance provides management accountants
principles & insight on how to support…
… Integration of risk management & internal
control into their organization’s overall
governance & management systems
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Management Accountant
“Call to Action”
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Management Accountant “Call to Action”
Management accountants should play
important roles in implementing good
RM/IC:
• Build subject-matter-expertise regarding
COSO’s 2013 Internal Control Integrated
Framework, COSO’s 2004 ERM Framework, ISO
31000 & other guidance
• Educate the audit committee, C-suite,
operating unit & functional management
• Champion the importance of good RM/IC
• Support line management through the
provision of high-quality information
• Establish RM/IC for the finance function
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Key Take Aways
„ Risk is the effect of uncertainty on (achieving) the
organization’s objectives
„ Strategic (risk) management is primarily about
achieving the organization’s objectives, while
addressing risk
„ There are many flaws in current risk management and
internal control practice
„ Management accountants support strategic (risk)
management in their organizations in various ways
„ IMA and IFAC support management accountants
„ However, no matter the guidance provided…
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There will always be some …
… who do it their own way!
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Q&A
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Back-Up Materials
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
Other Resources
„ COSO publications at www.coso.org:
o “Internal Control Integrated Framework” (2013 Edition)
o “Internal Control over External Finance Reporting: A
Compendium of Approaches and Examples” (2013)
o “Enterprise Risk Management ‟ Integrated Framework”
(2004)
„ IFAC publications free-of-charge at www.ifac.org:
o “Evaluating & Improving Governance in Organizations”
o “Evaluating & Improving Internal Control in Organizations”
o “Integrating Governance for Sustainable Success”
„ IMA publications at www.imanet.org:
o “The 2013 COSO Framework & SOX Compliance: One Approach
to an Effective Transition” (Strategic Finance June 2013)
o The Master Guide to Controllers’ Best Practices
• “ISO 31000 Risk Management Standard”
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
COSO ICIF Refresh Project Timeline
Assess & Survey
Stakeholders
Design &
Build
Public
Exposure,
Assess & Refine
Finalized &
Issued
2010 2011 2012 2013
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
COSO ICIF Refresh Project Participants
COSO
Board of Directors
COSO Advisory Council
• AAA
• AICPA
• FEI
• IIA
• IMA
• Public Accounting Firms
• Regulatory observers (SEC,
PCAOB, GAO, FDIC, etc.)
• Others (IFAC, ISACA, etc.)
PwC
Author &
Project Leader
Stakeholders
• Over 700 stakeholders in
Framework responded to
global survey during 2011
• Over 200 stakeholders
publically commented on
proposed updates to
Framework during first
quarter of 2012
• Over 50 stakeholders
publically commented on
proposed updates in fourth
quarter of 2012
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
International Federation of Accountants
• Global organization of the accountancy profession
• Supports management accountants in following areas:
Governance and ethics
Risk management and internal control
Sustainability and corporate responsibility
Financial and performance management
Business reporting
Promoting and contributing to the value of management
accountants
• All areas of critical importance to management accountants
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© 2012 Institute of Management Accountants and International Federation of Accountants. All rights reserved.
IMA & IFAC Support Mgt Accountants
Together, IMA and IFAC support management
accountants by:
• Collaborating with regulators and standard
setters in the areas of governance, risk
management and internal control
• Developing additional guidance for management
accountants
• Bringing together resources for management
accountants
• Levering knowledge for management
accountants through various channels, such as
this IMA conference