Coso & Erm ******** & Mnemonics Questions With Correct Answers

Coso & Erm ******** & Mnemonics
Questions With Correct Answers

Compliance Objectives Established to ensure the entity is adhering to all applicable laws
and regulations



5 Components of COSO - CRIME C-Control Environment

R-Risk Assessment by Management

I-Information and Communication Systems

M-Monitoring

E-Existing Control Activities



Control Environment-(C)rime (EBOCA)

Includes the Processes, structures, and standards that provide the foundation for an entity to
establish a system of internal control.



Control Environment - (C)rime - EBOCA E-Commitment to ETHICS and Integrity

B-Board Independence and Oversight

O-Organizational Structure

C-Commitment to Competence

A-Accountability

, Risk Assessment -c(R)ime Make and entity (SAFR)




Risk Assessment -c(R)ime - SAFR S-Specific Objectives

A-Identify and ASSESS Changes

F-Consider Potential for FRAUD

R-Identify and Analyse RISK



Information and Communication - cr(I)me (OIE)

Between internal and external parties



Information and Communication - cr(I)me - OIE O-Obtain and Use Information

I-Internally Communicate Information

E-Communicate with EXTERNAL Parties



Monitoring Activities - cri(M)e (So D) Monitor SoD or grass won't grow




Monitoring Activities - cri(M)e - So D So-ONGOING and/or SEPARATE evaluations

D-Communication of DEFICIENCIES



(Existing) Control Activities - crim(E) (CAT P)