1363-CL#4-7Sep22

What does COSO stand for?

• Committee on Secure Organizations

• Council of Security Organizations

• Council on Sponsoring Operations

• Committee of Sponsoring Organizations

Which of the following is a coverage area from COSO's framework?

• Risk assessment

• Reporting

• Compliance

• Entity-wide

Which component of the control system deals with the attitude of management and employees towards the importance of internal audit controls?

• Information and communication

• Risk assessment

• Control environment

• Control activities

Name the three most common internal audit control types.

• Control environment, risk assessment, monitoring

• Detective, corrective, preventative

• Authorization, completeness, accuracy

• Segregation of duties, corrective, preventative

Which of the following is an example of segregation of duties?

• The individual who opens the mail also takes the deposit to the bank

• The individual who authorizes a purchase also approves the payment for the purchase

• The individual who handles the cash does not have access to the accounting records

• The individual who takes the deposit to the bank completes the bank reconciliation