COSO Framework and ERM Verified Quizzes + Top-
Scoring Assignments | A+ Guaranteed| 100%
correct
COSO - Committee of Sponsoring Organizations, framework for internal controls over
financial reporting
Treadway Commission - Commission that studied factors leading to fraudulent financial
reporting
Principles based approach - Approach where stakeholders have confidence in effective
oversight of internal controls
Operations Objective - Objective focused on effective and efficient operations,
safeguarding assets
Reporting Objective - Objective focused on reliable, timely, and transparent financial and
non-financial reporting
Compliance Objective - Objective focused on adhering to applicable laws and regulations
Control Environment - Component of COSO framework that establishes foundation and
tone at the top
Commitment to Ethical Values + Integrity - Component of control environment that
establishes standards of conduct
Board Independence + Oversight - Component of control environment that ensures
independence from management
Organizational Structure - Component of control environment that establishes reporting
lines and limits authorities
Commitment to Competence - Component of control environment that focuses on hiring,
developing, and retaining competent employees
Accountability - Component of control environment that holds individuals responsible for
internal control responsibilities
Risk Assessment - Component of COSO framework that identifies and analyzes risks to
the achievement of objectives
Scoring Assignments | A+ Guaranteed| 100%
correct
COSO - Committee of Sponsoring Organizations, framework for internal controls over
financial reporting
Treadway Commission - Commission that studied factors leading to fraudulent financial
reporting
Principles based approach - Approach where stakeholders have confidence in effective
oversight of internal controls
Operations Objective - Objective focused on effective and efficient operations,
safeguarding assets
Reporting Objective - Objective focused on reliable, timely, and transparent financial and
non-financial reporting
Compliance Objective - Objective focused on adhering to applicable laws and regulations
Control Environment - Component of COSO framework that establishes foundation and
tone at the top
Commitment to Ethical Values + Integrity - Component of control environment that
establishes standards of conduct
Board Independence + Oversight - Component of control environment that ensures
independence from management
Organizational Structure - Component of control environment that establishes reporting
lines and limits authorities
Commitment to Competence - Component of control environment that focuses on hiring,
developing, and retaining competent employees
Accountability - Component of control environment that holds individuals responsible for
internal control responsibilities
Risk Assessment - Component of COSO framework that identifies and analyzes risks to
the achievement of objectives
