COSO FrameWork – Questions With Correct Answers
The COSO's Framework consists of five components What are they? CRIME
Right Ans - • Control activities
• Risk assessment
• Information and communication
• Monitoring
• Control environment
Coso Framework 1/5 Control Activities:
in general terms. Right Ans - Control activities generally represent the
policies and procedures used to implement internal
controls.
Coso Framework 1/5 Control Activities:
A. Risk Assessment integration Right Ans - The integration with the risk
assessment principle is a bridge between the risk
assessment and the control activities.
Coso Framework 1/5 Control Activities:
A. Risk Assessment integration
1. Attributes of this principles
2. Examples of control Right Ans - 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 Right Ans - 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 Right Ans - 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.
Coso Framework 1/5 Control Activities:
D. Information and Technology
1. Attributes of this principle
2. examples of applying this principle Right Ans - 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. Right Ans - 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 Right Ans - a. Attributes of the Principle
Financiai statements should be appropriately condensed but include all
The COSO's Framework consists of five components What are they? CRIME
Right Ans - • Control activities
• Risk assessment
• Information and communication
• Monitoring
• Control environment
Coso Framework 1/5 Control Activities:
in general terms. Right Ans - Control activities generally represent the
policies and procedures used to implement internal
controls.
Coso Framework 1/5 Control Activities:
A. Risk Assessment integration Right Ans - The integration with the risk
assessment principle is a bridge between the risk
assessment and the control activities.
Coso Framework 1/5 Control Activities:
A. Risk Assessment integration
1. Attributes of this principles
2. Examples of control Right Ans - 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 Right Ans - 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 Right Ans - 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.
Coso Framework 1/5 Control Activities:
D. Information and Technology
1. Attributes of this principle
2. examples of applying this principle Right Ans - 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. Right Ans - 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 Right Ans - a. Attributes of the Principle
Financiai statements should be appropriately condensed but include all
