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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:
A
Internal control
B
Enterprise risk management
C
Both answer 1 and 2
D
Neither answer 1 and 2
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?
A
Information and communication
B
Risk response
C
Monitoring
D
Risk assessment
3) A systematic approach to analyzing, redesigning, improving and managing a specific process is called :
A
Business process management
B
Enterprise risk management
C
Process design and analysis
D
The expectancy model of business process 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?
A
Internal environment: Enlist top management support
B
Monitoring: Enlist top management support
C
Monitoring: Communicate early, communicate often
D
Internal environment: Communicate early, communicate often
5) Which of the following is considered a control environment factor by the COSO definition of internal control?
A
Risk assessment
B
Reasonable assurance
C
Integrity and ethical values
D
Control objectives
6) Avoiding, accepting, reducing and sharing are components of ___ in Enterprise Risk Management?
A
Communication and monitoring
B
Control activities
C
Risk assessment
D
Risk response
7) Under COSO ERM framework, which of the following objectives involves parties external to the organization?
A
Compliance objectives
B
Operation objectives
C
Reporting objectives
D
Strategic objectives
8) According to COSO, which of the following is the most effective method to transmit a message of ethical behavior throughout an organization?
A
Demonstrating appropriate behavior by example
B
Removing pressures to meet unrealistic targets, particularly for short-term results
C
Strengthening internal audit's ability to deter and report improper behavior
D
Specifying 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?
A
He is responsible for issuing goods for shipment
B
He is responsible for receiving of goods into the warehouse
C
He is responsible for the company's fix asset control ledger
D
He is responsible for the accounting records for all the receipts and shipments of goods from the warehouse
10) Within the COSO Internal Control - Integrated Framework, which of the following components is designed to ensure that internal controls continue to operate effectively?
A
Control environment
B
Monitoring
C
Risk assessment
D
Information and communication
*select an answer for all questions
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