COSO Framework

Question 1

list the 3 categories of objectives

Answer 1

reporting
operations
compliance

Question 2

list the 5 internal control components

Answer 2

control environment
risk assessment
information & communication
monitoring
existing control activities

Question 3

list the 5 elements of CONTROL ENVIRONMENT (EBOCA)

Answer 3

commitment to ethics & integrity
board independence & oversight
organizational structure
commitment to competence
accountability

Question 4

list the 4 elements of RISK ASSESSMENT (SAFR)

Answer 4

specify objectives
identify & analyze risks
consider potential for fraud
identify & assess changes

Question 5

list the 3 elements of INFORMATION & COMMUNICATION (OIE)

Answer 5

obtain & use information
internally communicate information
externally communicate information

Question 6

list the 3 elements of MONITORING ACTIVITIES (SOD)

Answer 6

separate/ongoing evaluations
deficiency communication

Question 7

list the 3 elements of EXISTING INTERNAL CONTROL (CATP)

Answer 7

control activities
technology controls
policies & procedures

Question 8

the element of internal control that sets the tone of the organization

Answer 8

control environment