1.3 COSO

Question 1

What are the three phases of an effective approach to monitoring controls?

Answer 1

1) establish a foundation for monitoring
2) design and execute monitoring procedures
3) assess and report results

Question 2

What does the foundation and monitoring phase include?

Answer 2

1) tone at the top
2) organizational structure
3) baseline understanding of internal control effectiveness

Question 3

What does the design and execute phase include?

Answer 3

1) prioritizing risks
2) identifying controls
3) identifying persuasive information about controls
4) implementing monitoring procedures

Question 4

What does the assess and report phase include?

Answer 4

1) prioritize findings
2) report results to the appropriate level
3) follow up on corrective action