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Lecture Accounting information systems basic concepts and current issues (4th edition): Chapter 4 - Robert L. Hurt

After completing this chapter, students will be able to: Introduce a two-country partial equilibrium model of international trade; use the partial equilibrium model to illustrate how consumers and producers are affected by international trade; use the partial equilibrium model to analyze the effects of exchange rate changes, changes in demand, and transportation costs;. | Chapter 4 Management Concepts Outline Learning objectives COSO enterprise risk management framework Business process management Expectancy theory Learning objectives List and discuss some basic principles of business process management. Explain expectancy theory. Apply all three topics within the context of accounting information systems. Summarize and explain the importance of COSO’s Enterprise Risk Management—Integrated Framework. Define business process management, including a generalized model of BPM. COSO ERM framework Definition of enterprise risk management Enterprise risk management is a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives. What similarities & differences do you see between the ERM and internal control definitions? COSO ERM framework Internal environment Objective setting Event identification Risk assessment Risk response Control activities Information and communication Monitoring What similarities & differences do you see between the ERM and internal control frameworks? COSO ERM framework Internal environment Organization’s overall attitude toward managing risk Objective setting What the organization is trying to achieve (in general, not just with respect to risk management) Event identification What could happen to interfere with achieving those objectives? COSO ERM framework Risk assessment How likely is each event to occur? Inherent and residual risk Assessed qualitatively Risk response Generic response(s) to each risk Four alternatives Accept Reduce Avoid Share A single risk may have multiple generic risk responses. COSO ERM framework Control activities Specific ideas for implementing the generic response(s) Information & communication Similar to the same . | Chapter 4 Management Concepts Outline Learning objectives COSO enterprise risk management framework Business process management Expectancy theory Learning objectives List and discuss some basic principles of business process management. Explain expectancy theory. Apply all three topics within the context of accounting information systems. Summarize and explain the importance of COSO’s Enterprise Risk Management—Integrated Framework. Define business process management, including a generalized model of BPM. COSO ERM framework Definition of enterprise risk management Enterprise risk management is a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives. What similarities & differences do you see between the ERM and