Ally's

Question 1

COSO Internal Control Enviroment

Answer 1

Integrity & ethics
Competence
HR Policies
Auth & Resp Roles/Accountability
Mgmt operating styles
BOD & Audit committee
Org Structure
"ICHAMBO"

Question 2

COSO ERM “What” Framework

Answer 2

Internal Environment
Objective Setting
Event Identification
Risk Assessment
Risk Response
Control Activities
Info & Comm
Monitoring
"I Only Eat Really Ripe Cucumbers In May"

Question 3

COSO ERM “Why” Objectives

Answer 3

Strategic
Operations
Reporting
Compliance
"Stinky Ogre Rinse Carefully"

Question 4

17 Principles

Answer 4

“Come Run the California International Marathon”

Control Environment (IE. BMCA)

1. Integrity/Ethical Values
2. BOD
3. Mgmt
4. Competence
5. Accountability

Risk Assessment (Orange Apple Fruit Club)

1. Objectives
2. Assessment
3. Fraud
4. Change Mgmt.

Control Activities (Run to Place)

1. Risk Reduction
2. Technology Controls
3. Policies

Info & Comm (QIE)

1. Quility
2. Internal
3. External

Monitoring (Mall Of America)

1. Ongoing and Periodic
2. Address Deficiencies