Post training Quiz

Which of the following is NOT a key component of the COSO internal control framework?

• Control environment

• Risk assessment

• Monitoring

• Stakeholder engagement

In an NGO, which of the following is the MOST important objective of internal control?

• Ensuring compliance with laws and regulations

• Safeguarding assets

• Achieving operational efficiency

• Providing reliable financial reporting

Which of the following is a common risk faced by NGOs in the area of internal control?

• Misappropriation of assets

• Accurate financial reporting

• Achieving program objectives

• All of the above

Which COSO principle emphasizes the need for an NGO to have a clear organizational structure with defined roles and responsibilities?

• Control environment

• Risk assessment

• Control activities

• Information and communication

In an NGO, which COSO component would be most relevant for ensuring proper segregation of duties?

• Control environment

• Control activities

• Information and communication

• Monitoring

Which COSO principle is most important for ensuring that an NGO's internal controls are responsive to changes in the organization or its environment?

• Assesses fraud risk

• Identifies and analyzes changes

• Selects and develops control activities

• Evaluates and communicates deficiencies

Which of the following is an example of a control activity that an NGO should implement based on the COSO framework?

• Conducting periodic program evaluations

• Implementing a whistleblower hotline

• Providing regular internal control training to staff

• All of the above

In an NGO, which COSO principle is most important for ensuring the reliability of financial reporting?

• Selects and develops control activities

• Uses relevant information

• Communicates internally

• Evaluates and communicates deficiencies

Which COSO component is most important for ensuring that an NGO's donors and other stakeholders receive accurate and timely information?

• Information and communication

• Monitoring

• Control environment

• Risk assessment

In an NGO setting, which COSO principle would be most relevant for ensuring the effectiveness of the organization's internal audit function?

• Demonstrates commitment to integrity and ethical values

• Exercises oversight responsibility

• Evaluates performance and remediates deficiencies

• Communicates internally