Solutions
What are the 3 objectives of internal control?
("ORC") Right Ans - O - Operating
R - Reporting
C - Compliance
What are the 5 components of internal control?
("CRIME") Right Ans - C - Control environment
R - Risk assessment
I - Information and communication
M - Monitoring
E - (Existing) control activities
What are the 5 COSO principles related to the Control Environment?
("EBOCA") Right Ans - E - Ethics
B - Board independence
O - Organizational structure
C - Commitment to competence
A - Accountability
What are the 4 COSO principles related to Risk Assessment?
("SAFR") Right Ans - S - Specify objectives
A - Assess changes
F - Fraud
R - Risks
What are the 3 COSO principles related to Information & Communication?
("OIE") Right Ans - O - Obtain and use information
I - Internally communicate information
E - Externally communicate information