COSO Objectives

Question 1

What are the 4 COSO objectives?

Answer 1

1. Operating
2. Reporting
3. Compliance
4. Safeguarding of Assets

Question 2

What is Operating?

Answer 2

1. Increased employee, customer satisfaction
2. Decrease in cost and production time

Question 3

What is Reporting?

Answer 3

1. Internal - Internal financial objectives, Accurate information for accurate decision making
2. External - GAAP, IFRS

Question 4

What is Compliance?

Answer 4

1. Internal - P&P, Internal practices
2. External - Laws & regulations