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The goal of the research is a comparison of the G7 Countries and their different systems of Internal Control and systems of Risk Management, using the current standards of the United States of America as a benchmark. The research focuses on the frameworks for Internal Control, e.g. COSO I; for Enterprise Risk Management, e.g. COSO II; on country-specific standards as well as on the all-embracing country-specific Corporate Governance Codes. The United States of America took an important step with the implementation of the Sarbanes-Oxley Act (SOX) and other countries were forced to react to this landmark regulation with the implementation of operative and efficient Internal Control and Risk Management Systems. Commentary and critiques by the academic research community will be presented and might bear an influence on the comparison of the different frameworks - all with a focus on the auditor´s perspective. The requirements of an effective Internal Control and/or ERM are defined and compared with the systems of the respective G7 countries. With the support of a utility function, the most effective system is selected.

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Dr. Michael-A. Leuthner, CIA, CFE CPA, studierte in Stuttgart Maschinenbau und in München Betriebswirtschaftslehre.Nach beruflichen Stationen bei Audi, Festo, metro und Black&Decker ist er Partner in einer Unternehmenberatung. Seine Schwerpunkte sind, auch international, Restrukturierung, Prozessoptimierung und Organisationsentwicklung.

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