• There are five components of COSO's internal control framework. They are often referred to by the acronym C.R.I.M.E.
  • Control environment.
  • Risk assessment.
  • Information and communication.
  • Monitoring activities.
  • Existing control activities.
• Find a news story or case where a company was impacted by a fraudulent event or an ethics violation. Explain where the internal controls of this company failed using the COSO C.R.I.M.E. framework.