Corporate Governance Flashcards
0
Q
According to COSO, the use of ongoing and separate evaluations to identify and address changes in internal control effectiveness can best be accomplished in which of the following stages of the monitoring-for-change continuum? A. Control baseline B. Change identification C. Change management D. Control revalidation/update
A
B. Change identification
1
Q
Which of the following items is one of the eight components of COSO's enterprise risk management framework? A. Operations B. Reporting C. Monitoring D. Compliance
A
C. Monitoring
2
Q
In the COSO "cube" model, each of the following is a control objective except? A. Compliance B. Monitoring C. Operations D. Reporting.
A
B. Monitoring
3
Q
This component of internal control concerns the policies and procedures that ensure that actions are taken to address the risks related to the achievement of management's objectives. A. Control Activities B. Control Environment C. Monitoring D. Risk Assessment
A
A. Control Activities
4
Q
This Fundamental component of internal control is the core or foundation of any system of internal control. A. Control activities B. Control environment C. Information and communication D. Risk assessment
A
B. Control environment
5
Q
According to the COSO principles, risk reduction primarily relates to which fundamental component of internal control: A. Control activities B. Control environment C. Risk assessment D. Monitoring
A
A. Control Activities
6
Q
According to the 17 COSO control principles, addressing control deficiencies primarily relates to which fundamental component of internal control: A. Control activities B. Control environment C. Information and communication D. Monitoring
A
D. Monitoring
7
Q
In the COSO (2011) "cube" model, each of the following are components of internal control except A. Monitoring B. Control activities C. Operations control D. Risk assessment
A
C. Operations control
8
Q
Strategic, operations, reporting, and compliance objectives are a part of which of the following models of internal control? A. COBIT B. COSO C. COSO ERM D. All of the above
A
C. COSO ERM
