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COSO FRAMEWORK

Test Description: UNDERSTANDING COSO FRAMEWORK :)

Instructions: Answer all questions to get your test result.

1) Frameworks published by COSO relate to:

ABoth answer 1 and 2 BNeither answer 1 and 2 CEnterprise risk management DInternal control

2) When comparing the COSO internal control framework with the COSO enterprise risk management framework, which of the following categories is unique to the latter?

ARisk response BMonitoring CRisk assessment DInformation and communication

3) A systematic approach to analyzing, redesigning, improving and managing a specific process is called :

ABusiness process management BProcess design and analysis CThe expectancy model of business process management DEnterprise risk management

4) Business process management involves some risks and some principles. Which of the following principles is best associated with the COSO ERM framework element indicated?

AMonitoring: Enlist top management support BInternal environment: Enlist top management support CInternal environment: Communicate early, communicate often DMonitoring: Communicate early, communicate often

5) Which of the following is considered a control environment factor by the COSO definition of internal control?

ARisk assessment BControl objectives CIntegrity and ethical values DReasonable assurance

6) Avoiding, accepting, reducing and sharing are components of ___ in Enterprise Risk Management?

ACommunication and monitoring BRisk response CRisk assessment DControl activities

7) Under COSO ERM framework, which of the following objectives involves parties external to the organization?

AReporting objectives BStrategic objectives COperation objectives DCompliance objectives

8) According to COSO, which of the following is the most effective method to transmit a message of ethical behavior throughout an organization?

AStrengthening internal audit's ability to deter and report improper behavior BRemoving pressures to meet unrealistic targets, particularly for short-term results CDemonstrating appropriate behavior by example DSpecifying the competence levels for every job in an organization and translating those levels to requisite knowledge and ski

9) Bill is responsible for custody of the finished goods in the warehouse. If his company wishes to maintain strong internal control, which of the following responsibilities are incompatible with his primary job?

AHe is responsible for the accounting records for all the receipts and shipments of goods from the warehouse BHe is responsible for the company's fix asset control ledger CHe is responsible for receiving of goods into the warehouse DHe is responsible for issuing goods for shipment

10) Within the COSO Internal Control - Integrated Framework, which of the following components is designed to ensure that internal controls continue to operate effectively?

AInformation and communication BRisk assessment CMonitoring DControl environment

*select an answer for all questions

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