Internal Control of the COSO Framework (5 elements of internal control of the COSO framework)- Qs & As

Internal Control of the COSO Framework (5
elements of internal control of the COSO
framework)- Qs & As

Information and Communication Correct Ans-Important _____________ is identified,
captured and made available to the proper persons in the organization. Effective
_______________ ensures that all parties understand their role in the system, and that problems
are brought to the attention of the proper level of the organization for corrective action.



Monitoring Correct Ans-is the process used by the organization to track the effectiveness and
efficiency of internal control.



Control Environment Correct Ans-Ex: Management philosophy and operating style




Control Environment Correct Ans-Organizational structure




Control Environment Correct Ans-Corporate governance




Control Environment Correct Ans-Board Committees




Control Environment Correct Ans-Proper lines of communication, authorization and
responsibility



Control Environment Correct Ans-Management Control Methods

, Control Environment Correct Ans-Internal auditing




Control Environment Correct Ans-Personnel policies




Control Environment Correct Ans-External Constraints




Risk Assessment Correct Ans-Changes in the Environment




Risk Assessment Correct Ans-Changes in personnel




Risk Assessment Correct Ans-Ex: Changes in information systems




Risk Assessment Correct Ans-Ex: Rapid growth




Risk Assessment Correct Ans-Ex: New technology




Risk Assessment Correct Ans-Changes in product lines or operations




Risk Assessment Correct Ans-Corporate restructuring