B1 - Corporate Governance and Financial Risk Management

Question 1

What are the five COSO internal control components?

Answer 1

CRIME
(C) Control Environment
(R) Risk Assessment
(I) Information and Communication
(M) Monitoring Activities
(E) Existing Control Activities

Question 2

What are the three COSO objectives?

Answer 2

ORC
(O) Operations
(R) Reporting
(C) Compliance