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BEC CPA Exam| Questions with 100% Verified Answers
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BEC CPA Exam| Questions with 100% Verified Answers
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BEC CPA Exam| Questions with100% Verified Answers
COSO Framework assists Management and the Board of Directors by: -
✔ ✔ Effectively applying Internal Control
Determining the requirements of an effective system
Allow judgement and flexibility in the design of I/C
Identify and analyze risks, and develop effective responses
Eliminate redundant, ineffective, or inefficient controls
Extend I/C application beyond financial reporting
Three Objective of COSO Framework - ✔ ✔ Operations, Reporting,
Compliance Objectives
Operations Objective - ✔ ✔ The effectiveness and efficiency of an entity's
operations. Include operational and financial performance goals, as well as
safeguarding assets
Reporting Objective - ✔ ✔ Reliability, timeliness, and transparency of an
entity's external and internal financial and non-financial reporting
Financial Reporting Objective - ✔ ✔ - Make sure financial statements are
reported fairly in accordance with GAAP
- Present relevant and material information
, Financial Reporting Risks - ✔ ✔ - Risk that financial statements are not
in accordance with GAAP
Fraud Risk - ✔ ✔ - Represents risk of material misstatement as a result of fraud
Compliance Objective - ✔ ✔ Entity is adhering to all applicable laws
and regulations
COSO Components of I/C - ✔ ✔ Control Environment
Risk Assessment
Information and Communication
Monitoring
Existing Control Activities
COSO Component - Control Environment - ✔ ✔ Processes, structures, and
standards that provide the foundation for an entity to establish a system of I/C.
Established through "tone at the top"
-Commit to ethics/integrity
-Board independence/oversight
-Organizational structure
-Commit to competence
-Accountability
COSO Component - Risk Assessment - ✔ ✔ Entity's identification and analysis
of risks
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