A plan or organization and all of the coordinating methods adopted within a business.
What is Internal Controls?
100
Person ultimately responsible for identifying risks and establishing, maintaining, and reviewing the agency's system of internal control.
What is Agency Head?
100
During the course of an audit, the _______ ___________ is assessed through discussions with administrative management and employees.
What is Control Environment?
100
To develop a common set of assessment criteria to be deployed across business units, corporate functions, and large capital projects.
What is Developing Assessment Criteria?
100
People that determine the control environment and influence the control consciousness of agency staff.
What is Management?
200
The most important area relating directly towards the functions internal controls uses first.
What is Accounting?
200
Person responsible for coordinating the agency-wide effort of evaluating internal controls, reporting on reviews, and improving control activities.
What is Internal Controls Officer (ICO)?
200
The policies, procedures, and practices that ensure management objectives are achieved and risk mitigation strategies are carried out.
What is Control Activities?
200
Assigning values to each risk and opportunity using the defined criteria.
What is Assessing Risks?
200
These are likely to function well if management believes that those controls are important and communicates that view to employees at all levels.
What is Internal Controls?
300
The second most important area relating directly towards the functions internal controls uses first.
What is Financial?
300
People responsible for internal control under their span of control.
What is Agency Management?
300
This covers the external oversight of internal controls by management or other parties outside the process; or the application of independent methodologies, like customized procedures or standard checklists, by employees within a process.
What is Monitoring?
300
The process of determining risk management priorities by comparing the level of risk against predetermined target risk levels and tolerance thresholds.
What is Prioritizing Risks?
300
Internal controls are likely to be ___________ if management does not believe the controls are important or if management communicates a negative view of controls to employees.
What is Ineffective?
400
The first type of internal controls that are created to help dissolve errors and issues that occur.
What is Preventative?
400
People responsible to be aware of and attentive to risk management and internal control issues, to consider limitations and key risk areas, to document decisions and to provide support information.
What is Agency Employees?
400
The methods for identifying, capturing, and communicating pertinent information in a time frame that enables people to carry out their responsibilities.
What is Information and Communication?
400
After assessment, response options are examined (accept, reduce, share, or avoid), cost-benefit analyses performed, a response strategy formulated, and risk response plans developed.
What is Responding to Risks?
400
Person an agency head usually head delegates internal control responsibility to.
What is Senior Agency Manager?
500
The second type of internal control that is created to find errors and all the abnormal issues that arise in a company and also prevent it from happening again.
What is Detective?
500
Group of people that help an agency review, monitor, and/or direct the agency’s activities related to maintaining effective internal control.
What is Audit Committee?
500
This component of COSO involves the identification and analysis by management—not the internal auditor—of relevant risks to achieving predetermined objectives.
What is Risk Assessment?
500
Identification process that precedes risk assessment and produces a comprehensive list of risks.
What is Identifying Risks?
500
Management also influences the control environment through communication of the agency’s _____ and behavioral standards to employees.