Solved

The Elements of COSO's Internal Control Framework and Examples of the Elements

Question 59

Matching

The elements of COSO's internal control framework and examples of the elements are listed below. Match each example with the framework section that most clearly applies.

Premises:
A CEO makes a strong statement about the value of internal control.
A company's internal web site connects specific internal controls with specific risk exposures.
A consultant shows a CFO how easy it is to hack into the information system.
A department manager tells an employee that internal control isn't really important.
Accountants complete an annual cost/benefit analysis of internal controls.
An auditor determines a client is subject to interest rate changes.
Documents, such as purchase orders, are sequentially numbered.
Internal auditors reconcile a company's checking account every week.
Managers review internal controls with employees on a monthly basis.
The board of directors requires quarterly status reports on internal.
Responses:
ControlsControl activities
Control environment
Information and communication
Monitoring
Risk assessment

Correct Answer:

A CEO makes a strong statement about the value of internal control.
A company's internal web site connects specific internal controls with specific risk exposures.
A consultant shows a CFO how easy it is to hack into the information system.
A department manager tells an employee that internal control isn't really important.
Accountants complete an annual cost/benefit analysis of internal controls.
An auditor determines a client is subject to interest rate changes.
Documents, such as purchase orders, are sequentially numbered.
Internal auditors reconcile a company's checking account every week.
Managers review internal controls with employees on a monthly basis.
The board of directors requires quarterly status reports on internal.
Related Questions

Q52: List and discuss five specific internal controls

Q53: If a company has good segregation of

Q54: Internal control definitions
The text presented three

Q55: Companies can monitor the effectiveness of internal

Q56: Explain four specific risks Top Notch T-Shirt

Q57: BSR Inc. is the corporate office of

Q58: LM Enterprises provides temporary office staff to

Q60: Match each item with the most appropriate

Q61: Match each item with the most appropriate

Q62: BSR Inc. is the corporate office of

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents