COSO Framework and Data Controls Overview
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Control Environment - The foundation of everything. Overall attitude, awareness, and
actions of management and employees about the importance of controls.
Risk Assessment - Identifying and understanding possible problems (risks) that could stop
the company from meeting its goals and then deciding how to handle those risks.
Control Activities - Actions or procedures a company puts in place to reduce risks and
ensure rules are followed.
Information & Communication - Making sure the right information gets to the right
people at the right time, so they can do their jobs properly.
Monitoring - Checking regularly to make sure the system of controls is working properly.
Controls over data input and processing - Rules and checks that help make sure data
entered into the system is correct and processed properly.
Master file - Holds permanent or semi-permanent info.
Transaction file - Holds day-to-day activity data.
Reference file - Holds lookup data used by other files.
Batch processing - Collect data, then process it all at once at a later time.
Real-time processing - Process data immediately as it happens.
Flowchart symbols - Visual maps of a process where each symbol represents a different
part of the system.
Oval - Represents start or end in a flowchart.
Rectangle - Represents process or task in a flowchart.
Parallelogram - Represents input or output in a flowchart.
Diamond - Represents a decision point (yes/no) in a flowchart.
Arrow - Indicates direction or flow of process in a flowchart.
Verified Quizzes + Top-Scoring Assignments | A+
Guaranteed| 100% correct
Control Environment - The foundation of everything. Overall attitude, awareness, and
actions of management and employees about the importance of controls.
Risk Assessment - Identifying and understanding possible problems (risks) that could stop
the company from meeting its goals and then deciding how to handle those risks.
Control Activities - Actions or procedures a company puts in place to reduce risks and
ensure rules are followed.
Information & Communication - Making sure the right information gets to the right
people at the right time, so they can do their jobs properly.
Monitoring - Checking regularly to make sure the system of controls is working properly.
Controls over data input and processing - Rules and checks that help make sure data
entered into the system is correct and processed properly.
Master file - Holds permanent or semi-permanent info.
Transaction file - Holds day-to-day activity data.
Reference file - Holds lookup data used by other files.
Batch processing - Collect data, then process it all at once at a later time.
Real-time processing - Process data immediately as it happens.
Flowchart symbols - Visual maps of a process where each symbol represents a different
part of the system.
Oval - Represents start or end in a flowchart.
Rectangle - Represents process or task in a flowchart.
Parallelogram - Represents input or output in a flowchart.
Diamond - Represents a decision point (yes/no) in a flowchart.
Arrow - Indicates direction or flow of process in a flowchart.
