Internal Control Flashcards
1
Q
Control Environment
A
The set of standards, processes, and structures that provide the basis for carrying out internal control across the organization.
2
Q
The process for identifying, analyzing, and responding to risks.
A
Risk assessment
3
Q
Control activities
A
Policies and procedures that help ensure that management directives are carried out.
4
Q
Component of internal control that supports all of the other components
A
Information and communication
5
Q
Monitoring activities
A
Assess whether each of the five components is present and functioning
6
Q
Eight components of COSO-ERM
A
MIO RICER
- Monitoring
- Internal environment
- Objective setting
- Risk assessment
- Information and communication
- Control activities
- Event identification
- Risk responses
