COSO Flashcards

1
Q

organizational structure

A

internal environment

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2
Q

Internal control for Smaller public companies-entities would

A

less resources in internal auditing

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3
Q

control environment component of internal control integrated framework

A

financial reporting competencies, human resources, organization structure

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4
Q

event identification

A

component of enterprise risk management that addresses an entity’s process for distinguishing risk and opportunities

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5
Q

risk assessment

A

components of enterprise risk management that addresses and entity’s process for establishing the likelihood and impact of events; financial reporting objective

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6
Q

Internal environment

A

components of enterprise risk management addresses an entity’s integrity and ethical values

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7
Q

major components of internal control (CRIME)

A
Control environment
Risk assessment
Information and Communication
Monitoring
Existing Control Activities
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8
Q

Internal control framework objectives (ORC))

A

operations objectives
reporting objectives
compliance objectives

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9
Q

operations objectives

A

effectiveness and efficiency of an entity’s operations

includes financial and operational performance goals as well as ensuring safeguards of assets

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10
Q

reporting objectives

A

reliability, timeliness, and transparency of an entity’s external and internal financial and nonfinancial reporting

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11
Q

compliance objectives

A

established to ensure the entity is adhering to all applicable laws and regulations

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12
Q

control environment (EBOCA)

A
  • commitment to Ethics and integrity
  • Board independence
  • Organizational structure
  • Commitment to Competence
  • Accountability
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13
Q

risk assessment(EAR)

A
  • Event identification
  • Assess risk
  • Respond to risk
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14
Q

Information and Communication

A
  • obtain and use information
  • internally communication information
  • communicate with external parties
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15
Q

Monitoring activiites

A
  • ongoing/separate evaluations

- communication of deficiencies

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16
Q

control activities

A
  • select and develop control activities
  • select and develop technology controls(IT)
  • deploy through policies and procedures
17
Q

ERM Objectives (SCOR)

A
  • Strategic
  • Compliance
  • Operations
  • Reporting
18
Q

Order of ERM (IS EAR AIM)

A
  • Internal environment
  • Setting objectives
  • Event identification
  • Assessment of risk
  • Risk response
  • Activities (control)
  • Information and communication
  • Monitoring
19
Q

The external auditors for the Horace Company assess the achievement of internal control objectives each year and communicate the assessment to management and the Board. Communication by the external auditor illustrates which principle of the information and communication component of the Committee on Sponsoring Organization’s Integrated Framework

A

external communication