Effective (Ineffective) Internal Control - COSO

Question 1

General requirements of framework

Answer 1

5 components and 17 principals that are present and functioning AND

All 5 components operating together as an integrated system to

• Reduce Risk
• to an acceptable level
• that the entity will not achieve objectives (MUST BE WRITTEN)

Question 2

To be an effective system of I/C senior management and the board much

Answer 2

achieve reasonable assurance that entity follows ORC

Question 3

When a Major deficiency is found

Answer 3

company has an Ineffective Internal Control system