All Flash Cards - Summary

Question 1

The 5 components COSO’s Framework

Answer 1

C-Control Activities: policies & procedures to implement IC
R-Risk Assessment: FS misstated or fraud
I-Information and Communication: Timely & accurate
M-Monitoring: Are IC effective-report deficiencies
E-Control Environment: Tone at the tope - “PHRASED”
C-Control Activities: policies & procedures to implement IC
R-Risk Assessment: FS misstated or fraud
I-Information and Communication: Timely & accurate
M-Monitoring: Are IC effective-report deficiencies
E-Control Environment: Tone at the tope - “PHRASED”