Monitoring Internal Control Flashcards
1
Q
Four processes to identify and address changes in internal control effectiveness
A
1) establish a control baseline
2) identify changes
3) manage changes
4) revalidate control baseline
2
Q
Three core processes of COSO model of control monitoring
A
1) Establish a foundation
2) Design and Execute
3) Assess and report
3
Q
What does monitoring evaluate?
A
Internal control systems ability to manage or mitigate risks to internal control activities
4
Q
What is the starting point for a system of internal control?
A
Setting organizational objectives