COSO Internal Control Framework

Question 1

What does COSO stand for in the context of the internal control framework?

Answer 1

Committee of Sponsoring Organizations of the Treadway Commission

Question 2

True or False: The COSO internal control framework has five components.

Answer 2

True

Question 3

Fill in the blank: The five components of the COSO framework are Control Environment, Risk Assessment, Control Activities, __________, and Monitoring Activities.

Answer 3

Information and Communication

Question 4

Which component of the COSO framework emphasizes the importance of an organization’s culture and governance structure?

Answer 4

Control Environment

Question 5

What is the primary purpose of the COSO internal control framework?

Answer 5

To provide a comprehensive system for managing risks and achieving organizational objectives.