Internal Control Frameworks

Question 1

COSO 3 Objectives

Answer 1

O.R.C
Operating
Reporting
Compliance

Question 2

COSO 5 Components

Answer 2

C.R.I.M.E
Control Environment
Reporting Objectives
Information & Communication
Monitoring
Existing Control Activities

Question 3

Operating Objectives

Answer 3

Effective & Efficient to ensure assets are adequately safeguarded

Question 4

Reporting Objectives

Answer 4

Reliable, Timeliness & Transparent of External and Internal Financial & Non Financial

Question 5

Compliance Objectives

Answer 5

Adhering to all applicable laws

Question 6

Control Environment

Answer 6

E.B.O.C.A
Ethics & Integrity
Board Independence
Organizational Structure
Competence
Accountability

Question 7

Reporting Objectives

Answer 7

S.A.F.R
Specify Objectives
Access Changes
Fraud
Risk

Question 8

Information & Communication

Answer 8

O.I.E
Obtain & Use Information
Internal Communication
External Parties

Question 9

Monitoring Activities

Answer 9

SO.D
Separate/Ongoing evaluations
Deficiencies

Question 10

Existing Control Activities

Answer 10

CA.T.P
Control Activities
Technology
Polices & Procedures