COSO and CMMI PCB and LPRs Paper of Feb-2017 Business performance man gement through financialc ntrols of operations, and en uring reliability of financial information have witnessed multifacetedevolutions thr ugh decades since World war 2.More recently, after the fai ure of Enron, Satayam’s dis race and‘global financial cri is of 2008, these have ass med further critical importance. At its last leg in India, he Companies Act 2013has significantly |‘expanded the scope and assigned critically defined responsibilities |on audit committee, independ nt directors, collectively bo rd of |directors and statuto y auditors. This in turn has also significantly expanded he gamut and dimensions or operational and financia risks management. The Dir ctors, in addition to laying down, are also responsible for asserti g that systems and process s forinternal financial cont ols for reporting are functi ning effectively. With contiuing multidimensional turulence in business ecosystem, coupling effects of interational events, of each component in VUA, viz., Volatility, Uncertain y,Complexity and Ambiguit …
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