COSO Components Flashcards
5 COSO Components
CRIME Control Activities Risk Assessment Information and Communication Monitoring Control Envrionment
3 COSO Objectives
Compliance
Reporting
Operating
Control Environment Principals (5)
Integrity and Ethical Values Board of Directors Management Competence Accountability
Risk Assessment
Objective
Assessment
Fraud
Change Management
Information and Communication
Quality
Internal
External
Monitoring
Deficiencies
Ongoing and Periodic
Control Activities
Risk Reduction
Technology Controls
Policies
IIA’s code of Ethics Principles (4)
ICOC
Integrity
Confidentiality
Objectivity
Competency
The process of identifying, analyzing, and managing the risks involved in achieving the organizations OBJECTIVES.
Risk Assessment
Attribute Standards (4)
- Purpose, Authority, Responsibility
- Independence & Objectivity
- Proficiency & Due Care
- Quality Assurance & Improvement Program
Performance Standards (7)
Managing the Internal Audit Activity Nature of Work Engagement Planning Performing the Engagement Communicating Results Monitoring Progress Communicating the Acceptance of Risks
Additional Components for COSO - ERM
Objective Setting
Event Identification
Risk Response
5 COBIT Principles
Meeting Stakeholder Needs Covering the Enterprise end-to-end Applying a single integrated framework Enabling a holistic approach Separating governance from management
Balance Scorecard Perspectives
Financial
Customer
Internal Business Process
Learning, Innovation, and Growth
PEST EL
Political
Economic
Social
Technology
Environmental
Legal
