5 Components Of IC

Question 1

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

Answer 1

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

Question 2

Control environment
E
B
O
C
A

Answer 2

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

Question 3

Risk assessment
S
A
F
R

Answer 3

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

Question 4

Information and communication
O
I
E

Answer 4

Obtain & use information
Internally communicate information
Communicate with external parties

Question 5

Monitoring
S
O
D

Answer 5

Separate
Ongoing evaluation
Communicate deficiencies

Question 6

Control environment
C
A
T
P

Answer 6

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