TBS - Role of Monitoring Flashcards
1
Q
What is the core, foundational component in the COSO ERM model?
A
monitoring
2
Q
Advantages of good control monitoring
A
Control problems are identified more quickly
Decision makers receive better more timely information
Certifications of internal control are easier and more timely, and organizations are more efficient and have lower costs
3
Q
Effective cash control
A
at least two individuals be present for cash counts
