Coso FrameWork
Coso Framework 3/5 Information and communication: D External Communication
a. attribute of principle
b. approaches to applying - ✔️✔️a. Attributes of the Principle
Open communications with all interested parties from customers to suppliers as
well as the external auditor is the major attribute of external communication.
b. Approaches to Applying the Principle
Surveys and ongoing contacts with external parities applies this principal to the
achievement of the information and communication component.
Coso Framework 1/5 Control Activities:
A. Risk Assessment integration
1. Attributes of this principles
2. Examples of control - ✔️✔️a. Attributes of the Principle
Control activities should be designed to mitigate risk.
b. Approaches to Applying the Principle
Management will possibly create inventory controls, document controls with
various matrices and consider conducting workshops as part of their approach to
risk assessment integration.
Coso Framework 1/5 Control Activities:
B. Selection and Development
1. Attributes of this principle
2. examples of applying this principle - ✔️✔️a. Attributes of the Principle
Management will select control activities from a range of possibilities that
appropriately addresses such attributes as segregation of duties and the
efficiency and effectiveness of controls.
b. Approaches to Applying the Principle
Management will likely ensure that duties are appropriately segregated by
studying processes and using organizational charts. Cost benefit analysis will
also factor into selection of controls by way of management's judgment.
Coso Framework 1/5 Control Activities:
c. Policies and Procedures
1. Attributes of this principle
2. examples of applying this principle - ✔️✔️a. Attributes of the Principle
Policies and procedures should be appropriately integrated into the business and
periodically reassessed.
b. Approaches to Applying the Principle
Standardized documentation methodologies that encourage periodic review and
renewal is a valid approach to applying the policies and procedures principle.
, The COSO's Framework consists of five components What are they? CRIME - ✔️✔️•
Control activities
• Risk assessment
• Information and communication
• Monitoring
• Control environment
Coso Framework 1/5 Control Activities:
in general terms. - ✔️✔️Control activities generally represent the policies and
procedures used to implement internal
controls.
Coso Framework 1/5 Control Activities:
A. Risk Assessment integration - ✔️✔️The integration with the risk assessment
principle is a bridge between the risk
assessment and the control activities.
Coso Framework 1/5 Control Activities:
D. Information and Technology
1. Attributes of this principle
2. examples of applying this principle - ✔️✔️a. Attributes of the Principle
Management will consider both application and general controls.
B. Approaches to Applying the Principle
Approaches to information and technology control activities include consideration
of systems development, system changes, security and access, etc.
Coso Framework 2/5 Risk Assessment:
describe in general terms. - ✔️✔️The risk assessment component includes principles
associated with management's
consideration of the risk of material misstatement.
Coso Framework 2/5 Risk Assessment:
A. Financial Reporting Objective
a. attribute of principle
b. approaches to applying - ✔️✔️a. Attributes of the Principle
Financiai statements should be appropriately condensed but include all
necessary detail and be reflective of company activities. The statements should
be supported by relevant financial statement assertions and consider materiality.
b.Management might consider giving an overall review to financial statements to
ensure that financial statement assertions including:
(1) Existence
(2) Completeness
(3) Rights and obligations
(4) Valuation or allocation
Coso Framework 3/5 Information and communication: D External Communication
a. attribute of principle
b. approaches to applying - ✔️✔️a. Attributes of the Principle
Open communications with all interested parties from customers to suppliers as
well as the external auditor is the major attribute of external communication.
b. Approaches to Applying the Principle
Surveys and ongoing contacts with external parities applies this principal to the
achievement of the information and communication component.
Coso Framework 1/5 Control Activities:
A. Risk Assessment integration
1. Attributes of this principles
2. Examples of control - ✔️✔️a. Attributes of the Principle
Control activities should be designed to mitigate risk.
b. Approaches to Applying the Principle
Management will possibly create inventory controls, document controls with
various matrices and consider conducting workshops as part of their approach to
risk assessment integration.
Coso Framework 1/5 Control Activities:
B. Selection and Development
1. Attributes of this principle
2. examples of applying this principle - ✔️✔️a. Attributes of the Principle
Management will select control activities from a range of possibilities that
appropriately addresses such attributes as segregation of duties and the
efficiency and effectiveness of controls.
b. Approaches to Applying the Principle
Management will likely ensure that duties are appropriately segregated by
studying processes and using organizational charts. Cost benefit analysis will
also factor into selection of controls by way of management's judgment.
Coso Framework 1/5 Control Activities:
c. Policies and Procedures
1. Attributes of this principle
2. examples of applying this principle - ✔️✔️a. Attributes of the Principle
Policies and procedures should be appropriately integrated into the business and
periodically reassessed.
b. Approaches to Applying the Principle
Standardized documentation methodologies that encourage periodic review and
renewal is a valid approach to applying the policies and procedures principle.
, The COSO's Framework consists of five components What are they? CRIME - ✔️✔️•
Control activities
• Risk assessment
• Information and communication
• Monitoring
• Control environment
Coso Framework 1/5 Control Activities:
in general terms. - ✔️✔️Control activities generally represent the policies and
procedures used to implement internal
controls.
Coso Framework 1/5 Control Activities:
A. Risk Assessment integration - ✔️✔️The integration with the risk assessment
principle is a bridge between the risk
assessment and the control activities.
Coso Framework 1/5 Control Activities:
D. Information and Technology
1. Attributes of this principle
2. examples of applying this principle - ✔️✔️a. Attributes of the Principle
Management will consider both application and general controls.
B. Approaches to Applying the Principle
Approaches to information and technology control activities include consideration
of systems development, system changes, security and access, etc.
Coso Framework 2/5 Risk Assessment:
describe in general terms. - ✔️✔️The risk assessment component includes principles
associated with management's
consideration of the risk of material misstatement.
Coso Framework 2/5 Risk Assessment:
A. Financial Reporting Objective
a. attribute of principle
b. approaches to applying - ✔️✔️a. Attributes of the Principle
Financiai statements should be appropriately condensed but include all
necessary detail and be reflective of company activities. The statements should
be supported by relevant financial statement assertions and consider materiality.
b.Management might consider giving an overall review to financial statements to
ensure that financial statement assertions including:
(1) Existence
(2) Completeness
(3) Rights and obligations
(4) Valuation or allocation
