Implementering af COSO “Internal Control – Integrated Framework” i Matas A/S

Michelle Ann Leeming

Student thesis: Master thesis


EXECUTIVE SUMMARY: This master thesis provides a study of the COSO framework and how a Danish listed company may apply it in designing, implementing and evaluating effective internal control systems thus provid-ing reasonable assurance that a fair and true view exists in preparing financial statements for both internal and external use. The method applied in the analysis is a case study. A case study is a study of a specific and defined instance with the purpose of achieving detailed and practical based knowledge, specifically in this master thesis, a concrete example of how effective internal control systems, using the COSO framework, can be designed, implemented and evaluated based on a given context. Thus the case study method argues that one must illustrate given theoretical points through practical analysis. The study uses the Danish listed merchandise company Matas A/S (herafter: Matas) in the case example. It is studied how Matas may apply the COSO framework in designing, implementing and evaluating their internal control system. The case assesses how the five COSO components and related principles may be designed and implemented, in order provide reasonable assurance that a true and fair view exists in preparing financial statements and achieving objectives. Focus of the study is on the “risk assessment” component and the “control activities” component however the three other components and related principles are also assessed, however they are described more generally. The study recognizes that limitations exist in the framework. This is due to the fact that internal controls only provide reasonable assurance regarding e.g. achievement of objectives. Internal con-trols cannot prevent bad judgment or decision making nor can it not prevent external events from negatively affecting the achievement of e.g. company objectives. Thus one must accept the fact that no such thing as one hundred percent certainty exists, and thus one must tolerate risks to some extent.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2014
Number of pages81