COSO ERM

Question 1

Definitions

Answer 1

Control Env - establishes baseline expectations for performance to ALL employees
Monitoring - evaluating the effectiveness of the Internal Control system, including ability to identify and manage risk
Control Activities - helps ensure mngt directives are carried out, such as seg of duties. help ensure nec actions are taken to address risks that threaten achievement of objectives
Info & Comm - systems used to produce, consume, and comm info to evaluate perform. and ensure compl w/ expectations of internal/external parties

Question 2

Control precision and sufficiency

Answer 2

Precision is the alignment

Sufficiency is a group

Question 3

Individuals who monitor internal controls

Answer 3

EVALUATORS

Question 4

Monitoring-for-change-continuum

Answer 4

Control baseline - Developing a supported understanding of existing controls
Change Identification - Identifying necessary changes
Change Management - Evaluating the design and implementation

Question 5

COSO (17 prin)

Answer 5

Control Environment - Integrity and values
Control Activities - Risk reduction, tech controls, and policies
Risk Assessment - Organizational objectives, risk assessment, fraud, and CHANGE MNGT
Monitoring - Est ongoing and periodic evals, addressing control deficiencies