COSO: Internal Control Framework (Questions + Answers) Solved

COSO: Internal Control Framework
The mnemonics for the seventeen principles of the components of internal controls -
✔️✔️EBOCA SAFR OIE SOD CAT-P


What are the principles related to existing controls? - ✔️✔️CAT PP - Control activities,
technologies controls, policies and procedures

What are the principles related to the control environment? - ✔️✔️EBOCA - Ethics,
board independence, organization structure, commitment to competence, accountability


What are the principles related to information and communication? - ✔️✔️OIE - Obtain
and use information, internally and externally communicate information

What are the principles related to monitoring? - ✔️✔️SOD - Separate and ongoing
evaluations, deficiencies are communicated

Includes the control environment, risk assessment, information and communication,
monitoring, and existing control activities - ✔️✔️5 Components of Internal Controls

The mnemonic for the five components of internal controls - ✔️✔️CRIME

Operational objectives, reporting objectives, and compliance objectives -
✔️✔️Objectives of Internal Control

What are the objectives of the Internal Control Framework? - ✔️✔️ORC - Operational
objectives, reporting objectives, and compliance objectives

When did COSO first issue the Internal Controls framework? - ✔️✔️1992

What are the principles related risk assessment? - ✔️✔️SAFR - Specify objectives,
analyze risks, fraud potential, assess change