Required: The COSO 2013 internal control framework codifies 17 relevant principles associated with the five components of internal contro Match the following principles with the five components. Ea. b. C. d. e. COSO Principles Management establishes, with board oversight, structures, reporting lines, and appropriate authorities and responsibilities in the pursuit of objectives. The organization deploys control activities through policies that establish what is expected and procedures that put policies into place. The organization considers the potential for fraud in assessing risks to the achievement of objectives. The organization holds individuals accountable for their internal control responsibilities in the pursuit of objectives. The organization obtains or generates and uses relevant, quality information to support the functioning of internal control. The organization evaluates and communicates internal control deficiencies in a timely manner to those . parties responsible for taking corrective action, including senior management and the board of directors, as appropriate. COSO Components Control environment Risk assessment Information and communication Monitoring activities Control activities Show A

Required: The COSO 2013 internal control framework codifies 17 relevant principles associated with the five components of internal contro Match the following principles with the five components. Ea. b. C. d. e. COSO Principles Management establishes, with board oversight, structures, reporting lines, and appropriate authorities and responsibilities in the pursuit of objectives. The organization deploys control activities through policies that establish what is expected and procedures that put policies into place. The organization considers the potential for fraud in assessing risks to the achievement of objectives. The organization holds individuals accountable for their internal control responsibilities in the pursuit of objectives. The organization obtains or generates and uses relevant, quality information to support the functioning of internal control. The organization evaluates and communicates internal control deficiencies in a timely manner to those . parties responsible for taking corrective action, including senior management and the board of directors, as appropriate. COSO Components Control environment Risk assessment Information and communication Monitoring activities Control activities Show A

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 24CYBK

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The Committee of Sponsoring Organizations of the Treadway Commission's (COSO's) Internal Control—Integrated Framework provides a model for organizations to design and implement an entity-wide system of controls. Which of the following BEST (select one) describes the purpose of the COSO model? a) To provide a tool to perform risk assessments b) To motivate employees to maintain a culture of compliance c) To provide auditors with a detailed work pogram to perform audits d) To provide a model to help organizations better design, implement, and assess internal contreol thereby supporting governance objectives
List at least five control measures per control activity principle (Establishment of Responsibility, Segregation of Duties, Documentation Procedures, Physical Controls, Independent Internal Verification, and Human Resource Controls) that an organization may implement to establish internal control procedures.
List at least 5 control measures per principle of control activities (Establishment of Responsibility, Segregation of Duties, Documentation Procedures, Physical Controls, Independent Internal Verification, Human Resource Controls) which an organization may implement to establish internal control procedures.
Administrative Managers were to oversee the areas of Strategy Planning, Finance and Contracts, Purchasing, and Human Resources Development. IS&S was also to receive appropriate support from the Legal Staff”. Discuss the framework that the legal staff could use to implement Sarbanes-Oxley Act of (SoX) 2002 to ensure responsibility for control decisions.
8. Which of the following best describes the internal audit activity's role in supporting the board in enterprise-wide risk assessment? Group of answer choices Examine evaluate, report on, and recommend improvements on the adequacy and effectiveness of risk processes Oversee risk management processes to determine whether they are adequate and effective None of the choices Ensure that sound risk management processes are in place and functioning Implement risk management methodologies and controls to address risks identified
Which of the following is an appropriate responsibility of the board? a) Reviewing the CAE-supplied internal audit function’s engagement work schedule. b) Recommending the assignment of speci c internal audit staff members for specific engagements. c) Reviewingtheengagementrecordsoftheexternalauditortodeterminetheircompetence. d) Performing a review of the procurement function of the organization.
Written Policies and Procedures as a part of internal control system serves all of the following objectives, except a. Provide a source of continuity and a basis for uniformity. b. Serve as reference material for future c. Helps discrepancies to be resolved immediately d. Provide a training tool for new employees
40. Senior management obtains data about external events that might affect the entity and evaluates the impact of that information on its existing accounting processes. This scenario is an example of what COSO component? Group of answer choices Control environment Risk assessment Information and communication Monitoring
The Government Accountability Office (GAO) describes expanded-scope governmentalauditing to include all of the following excepta. Financial statement audits.b. Attestation engagements.c. Compliance audits.d. Performance audits.
COSO lists five components of internal control: control environment, risk assessment, control activities, information and communication, and monitoring. Indicate the COSO component that matches with each of the following internal control activities. a. Independent review of controls c. Reporting of control effectiveness b. Executives’ strong ethics d. Analyses of fraud risk factors
12.Who is responsible for reviewing and monitoring managements’ responsiveness to the Internal Audit Department’s findings and recommendations? Group of answer choices Board of Directors Chief Audit Executive Audit Committee Third Party Auditors
Which of the following BEST (select one) describes why the audit universe should be aligned with business strategic objectives? a) Ensures appropriate resources are assigned to conduct the audit. b) The audit charter requires alignment with business objectives. c) Aids in the development of the audit schedule and audit budget. d) Links the entire audit process to entity-wide business strategic objectives. )