COSO Framework in the Banking Sector

Sarbanes-Oxley Act 404

SOX 404 is known as the Sarbanes-Oxley Act 404, and it is an internal control requirement aimed at providing the guarantee that the financial statements reports are accurate and presented in a timely manner. The purpose of SOX 404 is to help the shareholder and entity in preventing corporate fraud and develop the internal control …

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Understanding Risk and Uncertainty in Commercial Bank

Introduction Commercial banks play a crucial economic role by providing financial services to individuals and businesses. However, running a bank involves dealing with various risks and uncertainties. These risks can affect the bank’s stability and profitability. Understanding these risks and how to manage them is essential for the health of any commercial bank. In this …

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Understanding Internal Control Systems in the Banking Sector

The banking sector is playing roles as the most as the backbone of a country’s economy, by helping with monetary transactions, keeping deposits safe, and disbursement loans to individual or cooperation. Because of the banks play such an important role, it’s required to keep and maintain the bank’s operations running smoothly and effectively. One way …

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The COSO Framework and Benefits for Banking Sector

The COSO Framework has turned into a very important part of internal auditing and internal control in banking or financial sectors and other business sectors whereas the shareholders or top management requires for good governance, risk management and internal control system are in place. but where did this framework begin, and what’s its story from the start untill now? This blog …

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