Introduction In this unit, you will use the Internal Control-Integrated Framework to create a plan to design systems of internal control. In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) developed a model for evaluating internal controls. In 2013, COSO presented the updated Internal Control- ntegrated Framework (Framework) ; also the 2017 Update to COSO. The Framework was developed to will enable organizations to effectively and efficiently develop and maintain systems of internal control that can enhance the likelihood of achieving the entity's objectives and adapt to changes in the business and operating environments. The three primary objectives of an internal control system are: . Operations Objectives-efficient and effective operations Reporting Objectives-accurate financial reporting . Compliance Objectives-compliance with laws and regulations. The report also outlines five essential components of an effective internal control system: . The Control Environment-the set of standards, processes, and structures that provide the basis for carrying out internal control across the organization. Risk Assessment-a dynamic and iterative process for identifying and assessing risks to the achievement of objectives. . Control Activities-the actions established through policies and procedures that help ensure that management's directives to mitigate risks to the achievement of objectives are carried out. Information and Communication-the continual, iterative process of providing, sharing, and obtaining necessary information. . Monitoring-ascertain whether each of the five components of internal control, including controls to effect the principles within each component, is present and functioningSources COSO. (2013, May). Internal Control - Integrated Framework Executive Summary @ . Retrieved September 29, 2016, from COSO. COSO. (2017, September). Enterprise Risk Management Framework: Integrating with & Strategy and Performance. Retrieved March 25, 2021 from COSO. Directions Case Study: Beasley et al.: Case 4-2 Comptronix Corporation - Identifying Inherent Risk and Control Risk Factors This case assignment proves background for the Comptronix Corporation starting on p. 87. 1. Read the Comptronix Corporation Case on pages 87-94 of Auditing Cases. Do not answer the case questions. 2. Review appropriate PCAOB Auditing Standards @ to gain an understanding of risks at Comptronix Corporation. Pay specific attention to PCAOB Auditing Standard No. 8 2 on Audit Risk and No. 5 on Audits of Internal Control Over Financial Reporting_@ that is Integrated with an Audit of Financial Statements. 3. Your plan should be COSO compliant as well as one that provides for effective corporate governance at Comptronix Corporation. 4. Your plan should give consideration of management override of controls and should address the risk of management override of internal controls at Comptronix Corporation.Scenario: As the internal audit consultant to Comptronix Corporation, write a plan to design systems of internal control in accordance with the COSO Integrated Framework. Your plan should comply with PCAOB Audit Standards and COSO. The plan should strive to provide effective corporate governance with board and audit committee oversight. Your plan should address the possibility that management override of controls could occur and should plan for this risk possibility. The general process at your consulting firm is to discuss a draft of your report with the client's CFO or other official. You are to choose a peer in this class to serve as the client's representative; your document should reveal elements from your discussion with the peer classmate and should then be in final form for the Chief Audit Officer (CAO) of Comptronix. As the internal audit consultant to Comptronix, your plan document should be prepared for the CAO of Comptronix Corporation. Student responses should reflect higher level cognitive processing (analysis, synthesis, and evaluation), which is essential for someone being prepared to serve in an operational capacity within the healthcare and related industry. There is no minimum number of references that need to be utilized to support the completion of this assignment; however, it is generally understood that any good case study analysis will incorporate the appropriate quality and quantity of scholarly sources to support any suppositions and recommendations. The submission will not exceed four (4) pages in length, excluding the title and references pages