COSO Integrated Framework for internal control Flashcards
1
Q
The Five components of internal control
A
Control environment- managements philosophy towards controls
Risk assessment- identifying analyzing and managing risks
Information Communication- information exchange system
Monitoring- monitor and test the system and data
Control activities- safeguard policy and procedures.
2
Q
Internal Control objectives
A
Operations in the pursuit of core mission.
Reporting timely and reliable information.
Compliance with laws and regulations.
3
Q
Expected value
A
is the most useful number when prioritizing risk. It combines the probability and exposure into one easy to use number.
