BEC Concepts (STUDY)

Question 1

Objectives of COSO

Answer 1

“ORC”
Operations
Reporting
Compliance

Question 2

Components of COSO

Answer 2

"CRIME"
Control Environment (EBOCA)
Risk Assessment (SAFR)
Info and Communication (OIE)
Monitoring Activities (SOD)
Existing Control Activities (CAT P)

Question 3

Principles of Control Environment

Answer 3

"EBOCA"
Ethics and Integrity
Board Independence
Org Structure
Commitment of Competence
Accountability

Question 4

Principles of Risk Assessment

Answer 4

"SAFR"
Specify Objectives
Assess Changes
Fraud Potential
Risk Analysis

Question 5

Principles of Info and Communication

Answer 5

“OIE”
Obtain/Use info
Internally Communicate
Externally Communicate

Question 6

Principles of Monitoring Activities

Answer 6

“SOD”
Separate Ongoing Activities
Deficiency Reporting

Question 7

Principles of “Existing” Control Activities

Answer 7

“CAT P”
Control select Activities
Tech Controls
Policies and Procedures deployment