Read Information and Communication, pages 67-74, in the COSO ERM Integrated Framework. Identify...

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Read Information and Communication, pages 67-74, in the COSO ERM Integrated Framework.  	Identify and explain the elements that determine quality of information, as listed in the COSO ERM Integrated Framework.     	In your opinion, can and must all elements of quality information be simultaneously achieved for information to be useful? Are compromises ever necessary or acceptable? Explain why or why not. 	You are the corporate controller, and must prepare a report for each of the positions identified below. 	 		Vice President of Sales 		Sales Department manager 		President of the Company 	 	  Review the “Budget Example” Excel workbook..I want you to actually prepare the reports;The reports do not need to be long and tedious. Begin by identifying what information is relevant and useful for each person, in their respective official positions.You may prepare the reports in Excel or Word.You may invent any details or make any assumptions you choose.There is no right or wrong regarding the story you choose to tell with the data.The numbers are not the important part of this assignment.References below may help you determine how to prepare the reports. You may also find your own sources.
	
Document Preview: Accounting Information SystemsCOSO Information and Communication DeliverableTyped paper, half page, for answers to questions 2 and 3Three separate reports; one each for the Vice President of Sales, Sales Department Manager, and company President (1.5 to 2 pages each for each report.) You must properly cite your sources in the paper and include a bibliography. (APA)Total pages:  6 pages, for answers to questions 2, 3, and 4) AssignmentRead Information and Communication, pages 67-74, in the COSO ERM Integrated Framework.Identify and explain the elements that determine quality of information, as listed in the COSO ERM Integrated Framework.  In your opinion, can and must all elements of quality information be simultaneously achieved for information to be useful?  Are compromises ever necessary or acceptable? Explain why or why not.You are the corporate controller, and must prepare a report for each of the positions identified below.  Vice President of SalesSales Department managerPresident of the CompanyReview the “Budget Example” Excel workbook.  Create a report to summarize, analyze, or explain the budget numbers.  I want you to actually prepare the reports; don’t just describe what the report would look like.  Each report should include data and analysis.    The reports do not need to be long and tedious. Begin by identifying what information is relevant and useful for each person, in their respective official positions.  You do not need to (and should not) use all the information in the Excel budgets.You may prepare the reports in Excel or Word.  You may invent any details or make any assumptions you choose.  There is no right or wrong regarding the story you choose to tell with the data.  The numbers are not the important part of this assignment.References below may help you determine how to prepare the reports. You may also find your own sources. HYPERLINK "http://home.xnet.com/~jkelley/Publications/Using_Graphs.pdf" Using...

Robert · Accepted Answer

2. The elements in the COSO framework that define the quality of information 
are as follows: 
 
o Appropriateness of the content: There should be desired level of detail 
in the information presented. The report should be comprehensive to 
cater to the purpose it is intended for.
o Timeliness of information: the information should be presented in 
frequent and regular intervals of time. This interval should be decided 
by the factors like how important is the information and what is the 
priority level of information
o Recency of information : the reported data should be current, as recent 
as needed to make the information useful.
o Accuracy of information: Appropriate care should be taken to address 
the correctness of information. Reports should have precise 
information so that relevant decisions derived out of it should be in the 
right direction.
o Accessibility of information: How easy or accessible is the information 
given is important for ensuring its quality.  
 
3. All the elements of data may or may not be achieved simultaneously. It calls in for 
a lot of subjectivity. In order to achieve quality data, companies have to establish 
enterprise-wide data management programs, which include acquisition, 
maintenance, as well as distribution of relevant information. This makes the process 
of procuring data and related information simple.
If there is a compromise in the quality of data then the data might be acceptable 
under certain circumstances. There might be a conflicting functional need or some 
unsurpassable constraints that could lead to the quality being incompletely 
addressed. The main factor that should not be compromised is the integrity of data. 
Apart from that, it is only about having the right information on the right time in the 
right place. This is what affects the risk for the overall company.  
 

4. Reports to respective personnel
Summary of financial, operational and cash budget reports 
29 July 2013
For the Vice President Sales 
The purpose of this report is to present relevant information in a summarized way so 
that it can be used to carry out the operating, reporting, and compliance 
responsibilities by the top management. This will help in identifying and responding 
to risks, which will ultimately help run the entity and achieve its objectives.
In addition, we aim to keep this report relevant to the following parameters: 
- The results achieved as per the reports presented   
- The targets missed and gaps (if any) 
- Suggestions for future direction and targets.
The results achieved so far can be summarized as follows: 
- There was an increase in sales quarter-over-quarter and total sales target 
planned for the quarter exceeded our estimates by 5%.

Read Information and Communication, pages 67-74, in the COSO ERM Integrated Framework. Identify and explain the elements that determine quality of information, as listed in the COSO ERM Integrated...

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