COSO History
The COSO abbreviation stands for this:
What is Committee of Sponsoring Organizations of the Treadway Commission?
A symmetrical three-dimensional shape with 6 equal sides that represents the Internal Control-Integrated Framework (2013).
What is a cube?
Auditors can see the following on a slide from today's presentation:
-Risk Identification
-Work Program Development
-Audit Report Writing
What are 3 ways the Internal Results Dashboard can be used in the audit process?
Phase in the TeamMate audit template where the Audit Opinion Rating Matrix containing the Internal Results Dashboard is located.
What is the Closing Phase (D.1.3)?
This component addresses deviations in a timely fashion.
What is the control environment?
The name of the framework COSO updated in 2017.
What is the Enterprise Risk Management - Integrating with Strategy and Performance (2017)?
These 5 layers are stacked in order, forming one side of a cube:
Control Environment
Risk Assessment
Control Activities
Information & Communication
Monitoring
What are the 5 ERM Components on the Internal Results Dashboard?
OR
What are the 5 components of the Internal Control-Integrated Framework (2013)?
Version of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control – Integrated Framework as seen in the "Background" of all Internal Audit Reports.
What is Version 2013?
Phase during which PRGs that are not being tested are documented as "Not applicable" and prepared/reviewed.
What is the planning phase?
This component assesses the risks the entity faces from both external and internal sources.
What is Risk Assessment?
American Accounting Association (AAA)
American Institute of Certified Public Accountants (AICPA)
Financial Executives International (FEI)
Institute of Management Accountants (IMA)
Institute of Internal Auditors (IIA)
What are the 5 private sector organizations that make up COSO?
This former Audit Section Manager (ASM) enjoyed working out during the lunch hour and doing yoga and meditation during breaks
Who is Sandra Menjivar-Suddeath?
Daily Double!!
These colors are seen on the Internal Results Dashboard.
What are blue, green, yellow, and red?
The work program developed in the planning phase of an audit is the first document that contains these for each test step.
What are control activities?
This component addresses segregation of duties
What is Control Activities?
The man who follows in the footsteps of James C. Treadway, Jr - Paul J. Sobel.
Who is the current COSO Chairman?
An object having a three-dimensional shape that in this case resembles deoxyribonucleic acid.
What is a helix?
This is the first place that the Internal Results Dashboard is seen by anyone other than the audit team.
What is the Scope Meeting?
Business objectives (reporting, operational, and compliance) are first documented during this phase of the audit.
What is the planning phase?
This component uses quality information to support the internal control system.
What is Information & Communication?
The first chairman of the National Commission on Fraudulent Financial Reporting whose name is now associated with the commission
Who is James C. Treadway, Jr.?
"Treadway Commission"
Daily Double!
What does DNA stand for?
What is deoxyribonucleic acid?
Three places that the audit client sees the Internal Results Dashboard during the course of the engagement (Planning - Report Issuance).
What are the Entrance Conference Deck, the Exit Conference Deck, and the audit report?
The Audit Opinion Calculator located inside the Audit Opinion Rating Matrix is completed during this phase.
What is the closing phase?
This component assesses the quality of performance over time.
What is Monitoring?