Scenario and Internal Controls, COSO, and SOX

In further preparation for your audit of the company your team selected, you decided to gather your team and discuss Audit Evidence and Documentation Standards for this audit. Your preparation included a review of evidence and documentation literature (Ch. 7). To properly prepare the staff that will be working with you, you decide to create a Cheat Sheet on Evidence and Documentation to be used in your presentation.

Prepare a “Cheat Sheet” that briefly describes Audit Evidence and Documentation Standards, which includes the following topics. Each topic should be 90 to 175 words:

  • Relevance, Reliability and Sufficiency of Evidence.


Write a paper on COSO and how it relates to Sarbanes-Oxley and the auditing of public companies in 700 to 1,050 words. Address the following:

  • Provide a brief history of COSO.
  • Describe the five components and 17 principles of the COSO Framework.
  • Review your company’s “Management’s Annual Report on Internal Control over Financial Reporting” and “Report of Independent Registered Public Accounting Firm” (usually found in Section 9A of the Form 10-K) and explain why these reports are necessary.
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