COSO Framework Internal Control Flashcards
1
Q
Control Environment
A
EBOCA
Ethics, Board Oversight, Commitment to employee competencies and Organizational Structure
2
Q
Risk Assessment
A
Risks related to objectives. (Material misstatements or fraud on F/S)
3
Q
Information and Communication
A
Capturing and Processing information
Internal and External communication
4
Q
Monitoring
A
Ongoing and separate evaluations and reporting deficiencies
5
Q
Goal of Monitoring
A
monitoring the effectiveness of Internal control
6
Q
Control Activities
A
Policies and procedures that respond to risk assessment
7
Q
Principles of control activites
A
Selecting and developing control activities
developing technological controls
deploying policies and procedures
segregation of duties
