5 Components Of IC Flashcards

1
Q

What are the five components of internal control?
C
R
I
M
E

A

Control environment
Risk assessment
Information and technology
Monitoring activities
Existing control activities

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2
Q

Control environment
E
B
O
C
A

A

Commitment to ethical values and integrity
Board independence and oversight
Organizational structure
Commitment to competence
Accountability

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3
Q

Risk assessment
S
A
F
R

A

Specify objectives
Assess and identify changes
Consider the potential for fraud
Identify and analyze risks

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4
Q

Information and communication
O
I
E

A

Obtain & use information
Internally communicate information
Communicate with external parties

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5
Q

Monitoring
S
O
D

A

Separate
Ongoing evaluation
Communicate deficiencies

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6
Q

Control environment
C
A
T
P

A

Select and develop control activities
Select and develop technology controls
Deploy policies and procedures

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