COSO: Internal Control Framework Questions With Correct Answers

COSO: Internal Control Framework
Questions With Correct Answers

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



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



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

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



The mnemonics for the seventeen principles of the components of internal controls
EBOCA SAFR OIE SOD CAT-P