Basics of Internal Controls
What are Internal Controls?
What are the rules and steps a company uses to protect itself?
Who is mainly responsible for internal controls?
Who is management?
What does COSO stand for?
What is the Committee of Sponsoring Organizations?
Which component focuses on company culture?
What is a control environment?
What is risk assessment?
What is finding possible problems?
Why are internal controls important?
What is they prevent fraud and errors?
Who must follow internal control procedures?
Who are employees?
What is COSO used for?
What is the framework for internal controls?
Which component identifies risk?
What is Risk assessment?
Why is risk assessment important?
What is it helps prevent issues?
What do internal controls help keep accurate?
What are financial records?
Who checks if controls are working?
Who are auditors?
How many components are in COSO?
What is five?
Which component includes rules and procedures?
What is control activities?
Give one example of an internal control?
What are two approvals for payments?
What is the loss of money or fraud?
Internal controls are whose responsibility overall?
Who is everyone in the organization?
What does COSO help companies do?
What is building strong internal controls?
Which component involves sharing information?
What is information and communication?
What do passwords help protect?
What is company systems and data?
What do internal controls help a company follow?
What are laws and regulations?
Who creates and enforces policies?
Who is management?
COSO is best described as what?
What is a guide for managing risk and controls?
Which component checks if controls are working?
What is monitoring?
What is a goal of internal controls?
What is protect the company and ensure accuracy?