Scenario: You are an internal audit associate for Segall Industries, a growing US-based manufacturing corporation. The Board of Directors recognizes that as the company grows, they need to ensure that all information provided both internally and externally is useful (see chapter 1). They are aware that there are multiple frameworks to help ensure that this goal is achieved; however, they are not familiar with the individual frameworks. The Board has asked Morgan Delt, internal audit director, to provide a summary of 3 of the frameworks (COBIT 5 Executive Summary, Committee of Sponsoring Organizations of the Treadway Commission Enterprise Risk Management Integrating with Strategy and Performance Executive Summary, and the Committee of Sponsoring Organizations of the Treadway Commission Internal Control-Integrated Framework Executive Summary) so that they can understand the differences and consider how to implement one or more of the frameworks. As is often the case, Morgan has asked you to prepare a memo for the Board that summarizes the three frameworks and provides some guidance around when and why these frameworks are used. Requirements: Write a memo to the Board that summarizes the three frameworks and provides guidance around when and why these are used. You may want to consider the following: What is the definition of internal control? What is the purpose of each framework? Who is each framework designed for? How is the framework structured? You may want to consider items like objectives, components, principles, enablers, resources, among others. Are there other frameworks that exist that may or may not be worth pursuing. Create a memo using Microsoft Word (no more than 5 pages, single-spaced, 11 point font). Can use bullets, tables, original diagrams, and/or paragraphs to answer the questions.
