COSO FRAMEWORK Verified Quizzes + Top-Scoring
Assignments | A+ Guaranteed| 100% correct
Internal control frameworks - structures that organize, categorize, and sometimes
prioritize
an organization's internal controls
Internal Controls - practices put in place to create value
for stakeholders and minimize risks, so frameworks make it easier to
manage these diverging dynamics and evaluate the results more
systematically.
COSO's Internal Control Integrated Framework (IC-IF - most
widely known internal controls framework
Control Objectives for Information and Related Technology
(COBIT)
International Organization for Standardization (ISO) 17799
Information Technology Infrastructure Library (ITIL) - IT CONTROL FRAMEWORKS
Capability Maturity Model Integration (CMMI) - project
management, process assessment, and performance
improvement environments
COMMITTEE OF SPONSORING ORGANIZATIONS OF THE
TREADWAY COMMISSION - Private sector initiative formed in 1985 to sponsor this
National
Commission on Fraudulent Financial Reporting.
COSO'S INTERNAL CONTROL INTEGRATED FRAMEWORK (IC-IF) - States that an entity can
achieve effective internal control by applying all
, principles, which apply to operations, reporting, and compliance
objectives
1. Commitment to integrity and ethical values
2. BOD exercises oversight responsibility
3. Establish structure, authority, and responsibility
4. Commitment to competence
5. Enforce accountability
6. Set suitable objectives
7. Identify and analyzes risks
8. Assess risk of fraud
9. Identify and analyze significant change
10. Select and develop control activities
11. Select and develop IT GCCs
12. Mobilize through policies and procedures
13. Use relevant information
14. Communicate internally
15. Communicate externally
16. Conduct ongoing/separate evaluations
17. Evaluate and communicate deficiencies - 17 principles of IC-IF
CONTROL ENVIRONMENT - This refers to the workplace environment, characterized by
the way the
organization is structured, the manner of leadership, the degree of
openness, managements operating style, having and practicing the
tenets of its code of ethics and statement of values.
CONTROL ENVIRONMENT - This also includes the tone at the top and the degree to
which there is
Assignments | A+ Guaranteed| 100% correct
Internal control frameworks - structures that organize, categorize, and sometimes
prioritize
an organization's internal controls
Internal Controls - practices put in place to create value
for stakeholders and minimize risks, so frameworks make it easier to
manage these diverging dynamics and evaluate the results more
systematically.
COSO's Internal Control Integrated Framework (IC-IF - most
widely known internal controls framework
Control Objectives for Information and Related Technology
(COBIT)
International Organization for Standardization (ISO) 17799
Information Technology Infrastructure Library (ITIL) - IT CONTROL FRAMEWORKS
Capability Maturity Model Integration (CMMI) - project
management, process assessment, and performance
improvement environments
COMMITTEE OF SPONSORING ORGANIZATIONS OF THE
TREADWAY COMMISSION - Private sector initiative formed in 1985 to sponsor this
National
Commission on Fraudulent Financial Reporting.
COSO'S INTERNAL CONTROL INTEGRATED FRAMEWORK (IC-IF) - States that an entity can
achieve effective internal control by applying all
, principles, which apply to operations, reporting, and compliance
objectives
1. Commitment to integrity and ethical values
2. BOD exercises oversight responsibility
3. Establish structure, authority, and responsibility
4. Commitment to competence
5. Enforce accountability
6. Set suitable objectives
7. Identify and analyzes risks
8. Assess risk of fraud
9. Identify and analyze significant change
10. Select and develop control activities
11. Select and develop IT GCCs
12. Mobilize through policies and procedures
13. Use relevant information
14. Communicate internally
15. Communicate externally
16. Conduct ongoing/separate evaluations
17. Evaluate and communicate deficiencies - 17 principles of IC-IF
CONTROL ENVIRONMENT - This refers to the workplace environment, characterized by
the way the
organization is structured, the manner of leadership, the degree of
openness, managements operating style, having and practicing the
tenets of its code of ethics and statement of values.
CONTROL ENVIRONMENT - This also includes the tone at the top and the degree to
which there is
