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BEC > COSO > Flashcards

COSO Flashcards

0
Q

The process of identifying analyzing and managing the risks is

A

Risk assessment

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1
Q

The internal control that enables people to identify process and exchange info is

A

Information and communication

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2
Q

The policies and procedures that ensure that actions are taken to address the risks

A

Control activities

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3
Q

A control objective is

A

Compliance
Operations
Reporting

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4
Q

Compliance objectives concern laws and regulations

A

Compliance objective

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5
Q

The control environment is the

A

Core or foundation of any system of internal control

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6
Q

Organizational objectives risk assessment fraud and charge management relates to

A

Risk assessment

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7
Q

Establishing ongoing and periodic evaluations and assessing control deficiencies

A

Monitoring

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8
Q

Whistle blower hot line contributes to

A

Both internal and external organizational communications.

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9
Q

Establishing integrity and ethical values

A

Control environment

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10
Q

Risk reduction technology controls and policies

A

Control activities

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11
Q

Monitoring is one of the eight components of

A

Enterprise risk management framework

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12
Q

Strategic operations reporting and compliance objectives are part of the

A

Coso erm model

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13
Q

Risk response includes management decision to

A

Avoid accept reduce or share risk to develop a set of actions to align risks

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14
Q

The coso erm model has how many control components

A

8

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15
Q

A control that accomplishes the same objective as another control

A

Compensating

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16
Q

A condition where a internal control requires attention

A

Control deficiency

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17
Q

Targets against which effectiveness of internal control are evaluated

A

Control objective

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18
Q

Metrics that reflect critical success factors

A

Key performance indicator

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19
Q

Primary attributes of effective evaluators is

A

Competence and objectivity

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20
Q

System of internal control begins with

A

Setting organizational objectives

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21
Q

Increasing the reliability of financial reporting and compliance with laws and regulations is not an approach to monitor

A

Internal control

22
Q

Establishing a baseline of internal control known to be effective is a

A

Sub activity of establishing a foundation for monitoring

23
Q

Ongoing and separate evaluations to identify and address changes in internal control effectiveness is

A

Change identification

24
Q

The four primary themes of attribute standards are

A

Purpose authority and responsibility
Independence and objectivity
Proficiency and due professional care
Quality assurance and improvement program

25
Q

Periodic external assessments must occur every

A

5 years

26
Q

The quality assurance and improvement program must include

A

Internal and external assessments

27
Q

The person responsible for managing an organizations internal audit activity by the IIA is a

A

Chief executive audit

28
Q

Purpose authority and responsibility is an

A

Attribute standard

29
Q

The seven primary performance standards are

A 
Managing the internal audit activity
Nature of work
Engagement planning
Performing the engagement
Communicating results
Monitoring progress
Resolution of senior managements acceptance of risks
30
Q

Internal audits activity to focus on planning the engagement objectives scope timing and resources

A

Engagement planning

31
Q

Engagement team focus on governance risk management and control processes associated with internal audit is

A

Nature of work

32
Q

The internal auditors responsibilities for obtaining adequate basis of conclusions

A

Performing the engagement

33
Q

Chief audit executive responsibilities for overseeing the internal audit

A

Managing the internal audit activity

34
Q

Implementation standards distinguish requirements between

A

Assurance and consulting services

35
Q

Attribute standards address characteristics of organizations

A

And individuals who perform internal audit services

36
Q

Clarifying the concepts within the attribute and performance standards is

A

Interpretations of international standards

37
Q

Measure the quality of the internal auditors conduct on delivering internal audit services

A

Performance standards

38
Q

Mandatory guidance of IIA international Professional practices framework

A

Definition of internal auditing
Code of ethics
International standards

39
Q

Strongly recommended guidance of international professional practice framework includes

A

Position papers
Practice advisors
Practice guides

40
Q

argues decision makers weight losses more heavily then do gains

A

Prospect theory

41
Q

Reduce the risk of incorrect processing in a newly installed computerized accounting system

A

Independently verify the transactions

42
Q

Calculates and integrates the liking of losses with the amount of losses

A

Expected value

43
Q

The limitation of enterprise risk managements (erm)

A

Can provide absolute assurance with respect to objective categories

44
Q

Recognizing potential impediments to communication between system user and system designer is

A

Managing change in the system internal control

45
Q

Mandatory guidance of IIA international professional practices

A

Definition of internal auditing
Code of ethics
International standards

46
Q

Strongly recommended guidance is

A

Position papers
Practice advisories
Practice guides

47
Q

The guidance between the requirements for assurance and consulting is

A

Implementation standards

48
Q

The internal control concerns testing the system and it’s data

A

Monitoring

49
Q

In the COSO cube model whets not a control objective

A

Monitoring is not a control objective

50
Q

Compliance objectives concern laws and

A

Regulations

51
Q

Sod stands for

A

Segregation of duties

52
Q

The IIA definition of internal auditing standards does not mention

A

Cost of capital

BEC (10 decks)

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