BEC Mnemonics & Formulas Exam
Questions & Answers 2024/2025
COSO Internal Control Framework Objectives - ORC - ANSWERSOperations
Reporting
Compliance
COSO Components of Internal Control - CRIME - ANSWERSControl environment
Risk assessment
Information and communication
Monitoring
Existing control activities
Principles of Control Environment - EBOCA - ANSWERSEthics
Board independence
Organizational structure
Competence
Accountability
Principles of Risk Assessment - SAFR - ANSWERSSpecify objectives
Assess changes
Fraud (ID potential fraud)
Risk (analyze risk(
Principles of Information and Communication - OIE - ANSWERSObtain and use information
Internally communicate
Externally communicate
, Principles of Existing Control Activities - CAT P - ANSWERSControl
Activities
Technology controls
Policies and Procedures
Communication/Reporting/Information - FACT - ANSWERSFair
Accurate
Complete
Timely
COSO ERM Objectives SORC + SRR - ANSWERSStrategic
Operations
Reporting
Compliance
Selected objectives
Risk appetite
Risk tolerances
Risk Responses - ARTS - ANSWERSAvoidance (high frequency, high severity)
Reduction (high frequency, low severity)
Transfer (low frequency, high severity)
Self-insure/accept (low frequency, low severity)
Documenting internal control assessment - COPS - ANSWERSComponent evaluation
Overall assessment
Principal evaluation
Summary of internal control deficiencies
Questions & Answers 2024/2025
COSO Internal Control Framework Objectives - ORC - ANSWERSOperations
Reporting
Compliance
COSO Components of Internal Control - CRIME - ANSWERSControl environment
Risk assessment
Information and communication
Monitoring
Existing control activities
Principles of Control Environment - EBOCA - ANSWERSEthics
Board independence
Organizational structure
Competence
Accountability
Principles of Risk Assessment - SAFR - ANSWERSSpecify objectives
Assess changes
Fraud (ID potential fraud)
Risk (analyze risk(
Principles of Information and Communication - OIE - ANSWERSObtain and use information
Internally communicate
Externally communicate
, Principles of Existing Control Activities - CAT P - ANSWERSControl
Activities
Technology controls
Policies and Procedures
Communication/Reporting/Information - FACT - ANSWERSFair
Accurate
Complete
Timely
COSO ERM Objectives SORC + SRR - ANSWERSStrategic
Operations
Reporting
Compliance
Selected objectives
Risk appetite
Risk tolerances
Risk Responses - ARTS - ANSWERSAvoidance (high frequency, high severity)
Reduction (high frequency, low severity)
Transfer (low frequency, high severity)
Self-insure/accept (low frequency, low severity)
Documenting internal control assessment - COPS - ANSWERSComponent evaluation
Overall assessment
Principal evaluation
Summary of internal control deficiencies
