IntroductionThere are many departments that come under the purview of an organization and among them the name accounting and finance department is one of them which has its own meaning and importance especially . Accounting management is an important aspect from an organization's perspective (Chernev, 2012). Management is a synergy of four things, which include planning, organizing, leading and controlling, and all these arrangements are important for the good of an organization. In order to effectively increase the financial assets and strategic capabilities of an organization, taking things into account is more than important for it. It is observed that organizations are always made to make economic profit with the help of effective strategies and among these strategies, the essence of management and getting things done is the most important (Damien McLoughlin, 2010). When it comes to organizations, the essence of managing and controlling things would especially be on a higher scale. Some aspects are important for the good of a particular organization and all aspects are important from different points of view. Accounting system and insurance are some of the major aspects from the business perspective. Among these aspects and this system, the name Enterprise Risk Management (ERM) is one. The internal framework of COSO has been updated by a new network which is the ERM model. The main perspective of this mission is to review the literature related to the development, importance and limitations of the COSO framework and its effectiveness for the company. Literature Review Theories could be extremely important and vital for an organization and not ...... middle of article ......ng management: business strategies, London: Oxford University. Helen Meek, RM (2012) CIM Coursebook 03/04 Strategic Accounting Management, New York: McGraw Hill. Isobel Doole, RL (2008) International accounting strategy: analysis, development, New York: McGraw Hill. Jim Blyth, ASZ (2005) Business to Business Accounting Management: A Global Perspective, Ohio: American. John Mullins, OW (2012) Accounting Management: A Strategic Decision-Making Approach, London: Oxford. Philip Kotler, KKC (1990) Accounting Management and Strategy, New York: Pearson Group . Quelch, JA (2001) Case in Strategic Accounting Management: Business Strategies, Sydney: Oxford. Richard J. Varey, BRL (2000) Internal Accounting: Directions of Management, London: Oxford. Richard MSMS Wilson, CG (2012) Strategic Accounting Management, Texas: John Wiley & Sons.