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What are the roles of "points of focus" and "controls to effect principles" in the Framework?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The Framework describes points of focus that are typically important characteristics of principles. In response to public comments on the exposure draft, COSO replaced the term "attributes" with points of focus. Points of focus may assist management in designing, implementing and conducting internal control and in assessing whether relevant principles are, in fact, present and functioning. The Framework neither prescribes a process for assessing the effectiveness of a system of internal control nor requires that management assess separately whether points of focus are in place. The Framework recognizes the possibility that some points of focus may not be suitable or relevant to all entities and may consider others based on specific circumstances of the entity. The Framework also does not prescribe any requirements that specific controls must be selected, developed, and deployed for an effective system of internal control. Instead, that determination is a function of management judgment that considers factors unique to each entity, such as the: • Laws, rules, regulations, and standards to which the entity is subject • Nature of the entity's business and markets in which it operates • Scope and nature of the management operating model • Competency of the personnel responsible for internal control • Use and dependence on technology • Management's responses to assessed risks

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Open uri20170510 32134 1c996lj?1494421732 answered

The Framework describes points of focus that are typically important characteristics of principles. In response to public comments on the exposure draft, COSO replaced the term "attributes" with points of focus. Points of focus may assist management in designing, implementing and conducting internal control and in assessing whether relevant principles are, in fact, present and functioning. The Framework neither prescribes a process for assessing the effectiveness of a system of internal control nor requires that management assess separately whether points of focus are in place. The Framework recognizes the possibility that some points of focus may not be suitable or relevant to all entities and may consider others based on specific circumstances of the entity. The Framework also does not prescribe any requirements that specific controls must be selected, developed, and deployed for an effective system of internal control. Instead, that determination is a function of management judgment that considers factors unique to each entity, such as the: • Laws, rules, regulations, and standards to which the entity is subject • Nature of the entity's business and markets in which it operates • Scope and nature of the management operating model • Competency of the personnel responsible for internal control • Use and dependence on technology • Management's responses to assessed risks Management is expected to obtain persuasive evidence to support its determination that each of the components and relevant principles is present and functioning and the five components are operating together in an integrated manner. In making the determination as to whether the components and relevant principles are present and functioning, management can consider controls that affect a component or relevant principle (whether or not associated with that particular component or principle). Understanding how controls affect principles through their selection, development, and deployment can provide persuasive evidence to support management’s assessment of whether the entity's system of internal control is effective. Further, in assessing whether a component or relevant principle is not present and functioning, management can consider controls to effect other principles.

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