Internal Control Frameworks

Question 1

What are the components of COSO internal control framework?

Answer 1

1. Control Environment
2. Risk Assessment
3. Information and Communication
4. Monitoring
5. Existing Control Activities

Question 2

What are the principals associated with CONTROL ENVIRONMENT of COSO internal control framework?

Answer 2

1. Commitment to Ethics
2. Board independence and oversight
3. Organizational structure
4. Commitment to competence
5. Accountability

Question 3

What are the principals associated with RISK ASSESSMENT of COSO internal control framework?

Answer 3

1. Specify objectives
2. Identify and analyze risks
3. Consider potential for fraud
4. Identify and assess changes

Question 4

What are the principals associated with CONTROL ACTIVITIES of COSO internal control framework?

Answer 4

1. Select and develop control activities
2. Select and develop technology controls
3. Deploy through policies and procedures