Internal Control: A COSO framework
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- Helen Elliott
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1 Internal Cntrl: A COSO framewrk Prfessr Dr. Anatli Burmistrv Nrd University Business Schl, Bdø (Nrway) anatli.burmistrv@nrd.n Nvember 28 th 2017 Kyiv
2 Why IC seminar? (1) Crruptin scandals and increasing pressure n listed cmpanies t imprve their internal cntrl In Nrway, series f scandals with stated wned enterprises The Nrwegian state and reputatin risk MFA requirement t internatinal develpment prjects
3 Why IC seminar? (2) September 2016: anti-crruptin Cnference Universities f Ukraine as subjects f anti- crruptin activities f the state in Kyiv Lunch the idea f an nline cmpetence imprvement curse cnnected t anti-crruptin Prject CPEA-ST/10022 ( ) Internal Cntrl and the COSO framewrk: Applicatin t the university sectr in Ukraine Jint applicatin with Taras Shevchenk Natinal University f Kyiv, Ternpil Natinal Ecnmic University and Yuriy Fedkvych Chernivtsi Natinal University Seminar gives us pprtunity t test ideas
4 Objectives f the seminar The learn abut the COSO framewrk fr internal cntrl T apply tw cmpnents f the framewrk, i.e. Cntrl Envirnment and Risk Management, t access the status in wn rganizatins T use this knwledge t develp a strategic plan fr hw t imprve internal cntrl in wn rganizatins
5 A preamble
6 A shrt stry f internatinalizatin: A Nrwegian MNC «T» T is a telecmmunicatin state wned and cntrlled cmpany (state wns 54% f shares) Established in 1855 as a state perated mnply/agency fr telegraphy started internatinalizatin activities by investing in Nrth-West Russia and expanding t ther cuntries T invested in an internatinal cmpany VIP (25%) and with years expanded its psitin t 33% f shares (43% f vtes in BD) Cnslidatin f the planted flags int an internatinal prtfli with a clear strategy 2004 Different cmpanies - ne grup
7 The T-Way handling challenges f ding business internatinally
8 The crruptin scandal unveils 2012: the Swedish jurnalists investigatin claims that VIP has a case f crruptin in a cuntry X-stan 2013: VIP is under investigatin in USA and Netherlands 2014: The Minister f trade and cmmunicatin discuss the situatin with the Chairman f the Bard and CEO Media in Nrway digs deeper and finds the facts that T s executives were infrmed abut the payments
9 The cnsequence: a vicius circle? 2015: The Nrwegian parliament hearings the CEO denies any knwledge The Minister dismiss the Chairman f the Bard 2016: Nrwegian authrity arrested the frmer CEO f VIP VIP frmally admits the crruptin in X-stan and pays a gigantic penalty f 7 billin NOK : T ttally divest frm VIP
10 The case illustrates SOE and huge reputatinal risk (fr the public/central gvernment) Hw t achieve influence when yu dn t have financial cntrl? Internatinal cperatin with emerging markets New pprtunities but als new types f risks? Individual(s respnsibility) vs. (internal cntrl) system Design vs. real functining f the internal cntrl The significant rle f the tp managers t prevent the fraud/crruptin by designing and implementing well-functining system Significant ecnmic cnsequences having skeletns falling ut f the clset Imprtance d it right frm the first time?
11 The brief histry f COSO framewrk
12 Why internal cntrl framewrks n «the rise»? Initial definitins f internal cntrl fcused mstly n perspectives f financial reprting Definitin was a subject t changes in 70s and 80s due t increasing number f fraud and crprate failures 1977: the Freign Crrupt Practices Act (FCPA) was imprtant Held managers respnsible fr having and maintaining internal cntrl system Encuraged managers t start thinking abut internal cntrl system (even thugh n standards existed) Still many US enterprise failures 1985: Frmatin f the Natinal Cmmissin n Fraudulent Financial Reprting (s called the Treadway Cmmittee) 2004: the Sarbanes-Oxley Act (SOX)
13
14 Develpments in Nrway Changes in the Nrwegian central gvernment The need t strengthen internal cntrl was emphasized already in 2003 Respnsibility f the Directrate fr the State Management Cntrl (DSØ) Mapping the need fr cmpulsry internal audit based n OECD recmmendatins (Value fr Mney in Gvernment, 2013) All state rganizatins with the incme f mre then NOK 300 mill shuld access whether they need t use systems f internal audit (May 1 st 2016) Criteria: Cmplexity and size Risks and materiality Quality f management and cntrl Imprtance f securing internal auditrs independence
15 What is a COSO and COSO framewrk? COSO = the Cmmittee f Spnsring Organizatins Established in 1985 t spnsr the Natinal Cmmissin n Fraudulent Financial Reprting 5 spnsrs: AAA, AICPA, FEI, IIA, IMA COSO s missin is t prvide thugh leadership thrugh the develpment f cmprehensive framewrks and guidance n enterprise risk management, internal cntrl, and fraud deterrence designed t imprve rganizatinal perfrmance and gvernance t reduce the extent f fraud in rganizatins (2008) Created and filled demand fr risk management framewrk: risk culd be managed!
16 THE COSO FRAMEWORK: EVOLUTION - NO REVOLUTION INITIAL IDEA 2004 COSO ERM Kettler (2014)
17 Main similarities between 1992 and 2013 COSO framewrks Nt changed: Cre definitin f internal cntrl is the same: Internal cntrl is a prcess, effected by an entity s bard f directrs, management, and ther persnnel, designed t prvide reasnable assurance regarding the achievements f bjectives relating t peratins, reprting, and cmpliance Three dimensinal cube Criteria t assess the effectiveness f an internal cntrl system The exercise f judgement is still imprtant (Prtiviti, 2014; Kettler, 2014)
18 Main differences between 1992 and 2013 COSO framewrks New elements in COSO 2013: Flipping the side the Cntrl Envirnment n the tp 17 explicit principles are cdified t supprt the five elements f internal cntrl system 77 pints f fcus are develped t represent characteristics f principles Expanding reprting categries Mre attentin t imprtance f technlgy An enhanced discussin f gvernance cncept (Prtiviti, 2014)
19 Principles: Cntrl Envirnment (Murphy, 2014)
20 Principles: Risk Assessment (Murphy, 2014)
21 What is risk? Risks Objectives Results Mdified frm NMFA (2013)
22 Evaluating risks Tw dimensins: - Prbability/Likelihd that the event will take place - Impact in case f the event 1 Critical risks High risks Prbability/ Likelihd 3 Mderate risks Lw risks 2 4 Impact NMFA (2013)
23 Principles: Cntrl Activities (Murphy, 2014)
24 Principles: Infrmatin and Cmmunicatin (Murphy, 2014)
25 Principles: Mnitring Activities (Murphy, 2014)
26 1 Principles The rganizatin demnstrates cmmitment t integrity and ethical values Example: Pints f Fcus Cntrl envirnment Pints f Fcus 1 Sets the tne at the tp 2 Establishes standards f cnduct (SC) 3 Evaluates adherence t SC 4 Addresses deviatins in a timely manner 2 The BD demnstrates independence frm management and exercises versight f the develpment and perfrmance f internal cntrl 5 Established versight respnsibilities 6 Applies relevant expertise 7 Operates independently 8 Prvides versight n 5 cmpnents f COSO II framewrk
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