COSO Internal Control - Integrated Framework Questions And Answers With Verified Tests 100% Correct Answers

What are the 5 Framework principles of the control environment? - ️️-Integrity and ethical values of the organization -Parameters enabling the board of directors to carry out its governance oversight responsibilities -Organizations structure and assignment of authority and responsibility -Process for attracting, developing, and retaining competent individuals -The organization holds individuals accountable for their internal control responsibilities in the pursuit of objectives What are the 4 Framework principles of risk assessment? - ️️-The organization specifies with sufficient clarity to enable the identification and assessment of risks relating to objectives -The organization identifies risks to the achievement of its objectives across the entity and analyzes risks as a basis for determining how the risks should be managed -The organization considers the potential for fraud in assessing risks to the achievement of objectives -The organization identifies and assesses changes that could significantly impact the system of internal control What are the 3 Framework principles of control activities? - ️️-The organization selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels -The organization selects and develops general control activities over technology to support the achievement of objectives -The organization deploys control activities through policies that establish what is expected and procedures that put policies into actionWhat are the 3 Framework principles of information and communication? - ️️-The organization obtains or generates and uses relevant, quality information to support the functioning internal control -The organization internally communicates information necessary to support the functioning of internal control -The organization communicates with external parties regarding matters affecting the functioning of internal control These pertain to adherence to laws and regulations to which the entity is subject - ️️Compliance Objective What are the 5 components of internal control? - ️️-Control Environment -Risk Assessment -Control Activities -Information and Communication -Monitoring Activities