COSO: Internal Control Framework
Questions With Correct Answers
What are the principles related to monitoring? SOD - Separate and ongoing evaluations,
deficiencies are communicated
What are the principles related to existing controls? CAT PP - Control activities,
technologies controls, policies and procedures
Operational objectives, reporting objectives, and compliance objectives Objectives of
Internal Control
What are the objectives of the Internal Control Framework? ORC - Operational
objectives, reporting objectives, and compliance objectives
When did COSO first issue the Internal Controls framework? 1992
Includes the control environment, risk assessment, information and communication, monitoring,
and existing control activities 5 Components of Internal Controls
The mnemonic for the five components of internal controls CRIME
The mnemonics for the seventeen principles of the components of internal controls
EBOCA SAFR OIE SOD CAT-P
Questions With Correct Answers
What are the principles related to monitoring? SOD - Separate and ongoing evaluations,
deficiencies are communicated
What are the principles related to existing controls? CAT PP - Control activities,
technologies controls, policies and procedures
Operational objectives, reporting objectives, and compliance objectives Objectives of
Internal Control
What are the objectives of the Internal Control Framework? ORC - Operational
objectives, reporting objectives, and compliance objectives
When did COSO first issue the Internal Controls framework? 1992
Includes the control environment, risk assessment, information and communication, monitoring,
and existing control activities 5 Components of Internal Controls
The mnemonic for the five components of internal controls CRIME
The mnemonics for the seventeen principles of the components of internal controls
EBOCA SAFR OIE SOD CAT-P
