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)
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)
