COSO FRAMEWORK Question Preview (ID: 41834)
UNDERSTANDING COSO FRAMEWORK :).
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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
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) Risk assessment
b) Information and communication
c) Monitoring
d) Risk response
A systematic approach to analyzing, redesigning, improving and managing a specific process is called :
a) Enterprise risk management
b) The expectancy model of business process management
c) Business process management
d) Process design and analysis
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: Communicate early, communicate often
c) Internal environment: Communicate early, communicate often
d) Monitoring: Enlist top management support
Which of the following is considered a control environment factor by the COSO definition of internal control?
a) Control objectives
b) Integrity and ethical values
c) Reasonable assurance
d) Risk assessment
Avoiding, accepting, reducing and sharing are components of ___ in Enterprise Risk Management?
a) Risk response
b) Risk assessment
c) Control activities
d) Communication and monitoring
Under COSO ERM framework, which of the following objectives involves parties external to the organization?
a) Strategic objectives
b) Compliance objectives
c) Operation objectives
d) Reporting objectives
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) Strengthening internal audit's ability to deter and report improper behavior
c) Removing pressures to meet unrealistic targets, particularly for short-term results
d) Specifying the competence levels for every job in an organization and translating those levels to requisite knowledge and ski
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 the company's fix asset control ledger
b) He is responsible for receiving of goods into the warehouse
c) He is responsible for the accounting records for all the receipts and shipments of goods from the warehouse
d) He is responsible for issuing goods for shipment
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) Risk assessment
c) Information and communication
d) Monitoring
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