Introduction to COSO Flashcards
What is “Information and Communications” according to COSO?
One of 5 components of internal control. Enable an organization’s personnel to identify, process and exchange the information needed to manage and control operations
What is “control environment” according to COSO?
One of five components of internal control. Encompasses management’s philosophy toward controls, organizational structure, system of authority and responsibility, personnel practices, and policies and procedures. The core or foundation of any system of internal control.
What is “risk assessment” according to COSO?
One of five components of internal control. The process of identifying, analyzing, and managing the risks related to achieving the organization’s objectives.
What is “monitoring” according to COSO?
One of five components of internal control. This component ensures the ongoing reliability of information and control processes by monitoring and testing the control system
What are “control activities” according to COSO?
One of five components of internal control. It relates to the policies and procedures that ensure that organizational actions address key risks related to the achievement of management’s objectives.
