Homework Answers
The following is the indication of COSO components matching with internal control activities
a. Reporting of control effectiveness to mid-level managers -
Information and communication
b. Independent review of controls - Monitoring
c. Analyses of fraud risk factors - Risk assessment
d. Implementation of policies to reduce risk of internal control
failure - Control activities
Information and communication
Information collected from various sources is communicating within
the organization. This will help top management to know the control
effectiveness to mid-level managers
Monitoring
It is a continuous process to analyze the effectiveness of the
internal control activities
Risk assessment
Based on risk assessment management is deciding how to manage
risks.
Control activities
Defines the day to day activities procedures/rule applicable across
all organization.
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Indicate the COSO component that matches with each of the following internal control activities. COSO components...
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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 not a component of the COSO internal control framework?
Which of the following is not a component of the COSO internal control framework? Risk Assessment Control Activities The control environment Reporting
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
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BE4-2 Match each of the following components of internal control with its description. Components of Internal...
BE4-2 Match each of the following components of internal control with its description. Components of Internal Control a. Procedures for maintaining ser b. Routine activities that are meai 1. Control environment 2. Risk assessment 3. Control activities 4. Information and communication 5. Monitoring c. Transfer of data from lower ma d. Formal policies to evaluate inte e. Overall attitude of the company
Select the appropriate components of internal control for each of the following descriptions Components of Internal...
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Should management assessment of internal control over financial reporting consider all of COSO components Are could...
Should management assessment of internal control over financial reporting consider all of COSO components Are could it be based only on the controls over the processing of transactions?
Q 8 One of the seventeen COSO principles of internal control states that “the organization holds...
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 .
describe the 5 internal contros and give examples how managers used them on business Components of...
describe the 5 internal contros and give examples how
managers used them on business
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Indicate whether each of the following statements regarding internal controls is true or false. 25 a) 1,66 points Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations b) Safeguarding assets against theft and unauthorized use, acquistion, or disposal is not part of an internal control systom. c) The mechanics of internal control systems do not vary from company to company. The Committee of Sponsoring Organizations' (COSC) framework...
2. 15 pts. We have discussed in length the COSO model for an effective system of...
2. 15 pts. We have discussed in length the COSO model for an effective system of Internal Control including its 5 components: (CE) Control Environment; (RA) Risk Assessment; (CA) Control Activities; (I&C) Information & Communication; & (M) Monitoring. To test your understanding of these, in the block immediately preceding each individual statement below, identify the COSO component each statement best applies to. Hint: There are 5-CE's; 4-RA's; 3-CA's; 3-IC's; & 2-M's. The organization specifies objectives with sufficient clarity to enable...
BE4-2 Match each of the following components of internal control with its description. Components of Internal Control a. Procedures for maintaining ser b. Routine activities that are meai 1. Control environment 2. Risk assessment 3. Control activities 4. Information and communication 5. Monitoring c. Transfer of data from lower ma d. Formal policies to evaluate inte e. Overall attitude of the company
Select the appropriate components of internal control for each of the following descriptions Components of Internal Control Descriptions a. Procedures for maintaining separation of duties b. Routine activities that are meant to continually observe internal control activities c. Transfer of data from lower managers to top executives for accurate financial reporting d. Formal policies to evaluate internal and external threats to achieving company objectives . Overall attitude of the company with respect to internal controls
describe the 5 internal contros and give examples how
managers used them on business
Components of Internal Control aControl Environment Risk Assessment Control Activities lnformation and Communication Monitoring
Indicate whether each of the following statements regarding internal controls is true or false. 25 a) 1,66 points Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations b) Safeguarding assets against theft and unauthorized use, acquistion, or disposal is not part of an internal control systom. c) The mechanics of internal control systems do not vary from company to company. The Committee of Sponsoring Organizations' (COSC) framework...
2. 15 pts. We have discussed in length the COSO model for an effective system of Internal Control including its 5 components: (CE) Control Environment; (RA) Risk Assessment; (CA) Control Activities; (I&C) Information & Communication; & (M) Monitoring. To test your understanding of these, in the block immediately preceding each individual statement below, identify the COSO component each statement best applies to. Hint: There are 5-CE's; 4-RA's; 3-CA's; 3-IC's; & 2-M's. The organization specifies objectives with sufficient clarity to enable...
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