Mnemonics

Question 1

COSO Framework

Answer 1

CRIME

Control Environment = EBOCA

Risk Assessment = ER

Information & Communication = FACT

Monitoring

Existing Control Activities

Question 2

What is EBOCA within the Control Environment?

Answer 2

Ethics Board oversight Organizational structure Commitment to employee competencies Accountability

Question 3

What are the components of ERM?

Answer 3

IS EAR AIM Internal Environment Setting Objectives Event Identification Assess Risk Respond to Risk Activities (control) Information & Communication Monitoring

Question 4

What are the objectives of ERM?

Answer 4

SORC Strategic Operational Reporting Compliance

Question 5

System Development Life Cycle

Answer 5

A DITTO Analysis (system) Design (conceptual and physical) Implementation and Conversion Training Testing Operations and maintenance

Question 6

COBIT Framework information criteria:

Answer 6

ICE RACE Integrity Confidentiality Efficiency Reliability Availability Compliance Effectiveness

Question 7

What are the three COSO Framework Objectives?

Answer 7

ORC Operating - effectiveness & efficiency Reporting - FACT (fair, accurate, complete, timely) Compliance with existing laws and regulations

Question 8

What are the two methods of measuring GDP?

Answer 8

Expenditure Approach Income Approach

Question 9

Expenditure Approach for measuring GDP

Answer 9

GICE Government Purchases Investment (GD) Consumption (Personal) Exports (Net)

Question 10

Income Approach for measuring GDP:

Answer 10

PAIDRITE Profits (Corporate) Adjustments for Net Foreign Income Interest (Net) Depreciation Rental Income Income of Proprietors Taxes (Indirect Business) Employee Compensation