Which of the following is not a component of the COSO internal control framework?
Risk Assessment
Control Activities
The control environment
Reporting
Answer- The following is not a component of the COSO internal control framework= Reporting.
Explanation- The five components of the COSO internal control framework are as follows-
1)- Control Environment
2)- Risk Assessment
3)- Information and Communication
4)- Monitoring Activities
5)- Existing Control Activities
Which of the following is not a component of the COSO internal control framework?
Indicate the COSO component that matches with each of the following internal control activities. COSO components Internal control activities a. Reporting of control effectiveness to mid-level managers. b. Independent review of controls c Analyses of fraud risk factors. d. Implementation of policies to reduce risk of internal control failure Information & communication Monitoring Risk assessment Control activities
Q 8 One of the seventeen COSO principles of internal control states that “the organization holds individual accountable for their internal control responsibilities in the pursuit of objectives.” To which component of internal control does this principle belong? A. Control Environment B. Risk Assessment C. Control Activities D. Information and Communication .
Which of the following COSO components is the foundation for all other components of internal control? a. Control environment. b. Control risk assessment. c. Monitoring. d. Information and communication.
which of the following is false? A. nearly all reporting companies use the internal control framework developed by COSO B. all controls relevant to financial reporting are accounting controls C. management identifies controls that are in place to address the financial reporting risks D. management is required to base internal controls on a recognized control framework
Define internal control and describe how the COSO framework helps firms implement this definition.
Five components are as following: Can any of these five components be combined for the COSO? Control environment Control activities Risk assessment Information and communication Monitoring
Which of the following is not a component of internal controls? A. Monitoring. B Inherent risk. C. Control activities. D. Control environment.
1. What is the connection between the Sarbanes Oxley Act and an internal control framework? 2. The COSO framework identifies “a commitment to ethics & integrity” as an important "attribute" of a company’s control environment (i.e. company culture). Please list at least 4 activities (not definitions of ethics/integrity or value/philosophy statements), but specific company’s practices, procedures and/or actions) that demonstrate it has a highly effective “ethical culture” as it relates to a review of ICFR.
6. The control environment includes all of the following COSO Principles of Internal Control, EXCEPT A : the organization demonstrates a commitment to integrity and ethical values. B : the organization identifies risks to the achievement of its objectives across the entity and analyzes risk as a basis for determining how the risks should be managed. C : the organization holds individuals accountable for their internal control responsibilities in the pursuit of objectives. D : the board of directors demonstrates...
An examination of internal controls to determine if they adhere to the COSO - Internal Control Integrated Framework and issuing a report on that examination. A. Assurance B. Attestation C. Audit