COSO Exam |Questions and Answers A+
Graded
component 1. - -Control Environment
- 1.he organization demonstrates a commitment to _____________ and
_____________ ____________. - -Integrity, Ethical Values
- 2.The board of directors demonstrates _________________ from management
and _______________ ________________ of the development and performance of
internal control. - -independence, exercises oversight
- 3.__________________ establishes, with __________ oversight, structures,
reporting lines, and appropriate authorities and responsibilities in the
________________ ______ __________________. - -Management, board, pursuit of
objectives
- 4.The organization demonstrates a commitment to attract, develop, and
retain _________________ _____________________ in alignment with objectives. -
-Competent individuals
- 5.The organization ___________ _______________ _______________ for their
internal control responsibilities in the pursuit of objectives. - -Holds
individuals accountable
- Component 2. - -risk assessment
- 6.The organization specifies _______________ with ________________
_________________ to enable the identification and assessment of risks relating
to objectives. - -Objectives, sufficient clarity
- 7.The organization _____________ ____________ to the achievement of its
objectives across the entity and _________________ ______________ as a basis
for determining how the risks should be managed. - -Identifies Risk,
analyzes risk
- 8.The organization considers the _______________ ______ _______________ in
assessing risks to the achievement of objectives. - -Potential for fraud
- 9.The organization __________________ and ________________ _____________
that could significantly impact the system of internal control. - -Identifies,
assesses changes
- Component 3. - -control activities
Graded
component 1. - -Control Environment
- 1.he organization demonstrates a commitment to _____________ and
_____________ ____________. - -Integrity, Ethical Values
- 2.The board of directors demonstrates _________________ from management
and _______________ ________________ of the development and performance of
internal control. - -independence, exercises oversight
- 3.__________________ establishes, with __________ oversight, structures,
reporting lines, and appropriate authorities and responsibilities in the
________________ ______ __________________. - -Management, board, pursuit of
objectives
- 4.The organization demonstrates a commitment to attract, develop, and
retain _________________ _____________________ in alignment with objectives. -
-Competent individuals
- 5.The organization ___________ _______________ _______________ for their
internal control responsibilities in the pursuit of objectives. - -Holds
individuals accountable
- Component 2. - -risk assessment
- 6.The organization specifies _______________ with ________________
_________________ to enable the identification and assessment of risks relating
to objectives. - -Objectives, sufficient clarity
- 7.The organization _____________ ____________ to the achievement of its
objectives across the entity and _________________ ______________ as a basis
for determining how the risks should be managed. - -Identifies Risk,
analyzes risk
- 8.The organization considers the _______________ ______ _______________ in
assessing risks to the achievement of objectives. - -Potential for fraud
- 9.The organization __________________ and ________________ _____________
that could significantly impact the system of internal control. - -Identifies,
assesses changes
- Component 3. - -control activities
