Exam (elaborations)
Becker BEC Mnemonics (1)
- Institution
- CISA: Domain #2, Part A: IT Governance
Becker BEC Mnemonics (1)
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Becker BEC MnemonicsORC - ANS-3 categories of objectives within COSO framework:
Operations objectives (efficient and effective)
Reporting objectives (financial/non financial reporting, timeliness, reliability, transparency)
Compliance objectives (w/ laws and regulations)
CRIME - ANS-Components of Internal Control to accomplish 3 main objectives:
Control Environment (tone at the top, ethics)
Risk assessment (FS misstated, not efficient, breaking law)
Information and communication (Fair, Accurate, Complete, Timely - FACT)
Monitoring (Effectiveness of controls & report deficiencies)
(Existing) control activities (policies/procedures to mitigate risks)
Main focus of COSO framework - ANS-Appropriate and comprehensive basis to document the
assessment of internal controls over financial reporting
EBOCA - ANS-5 Principles of Control Environment:
Ethics - standards of conduct
Board independence w/ oversight responsibilities
Organizational structure - reporting lines/segregation of duties
Commitment to competence - hire, develop, retain competent employees
Accountability - held accountable for their own responsibilities/ performance, incentive, rewards
w/o too much pressure
SAFR - ANS-4 Principles of Risk Assessment:
, SPECIFY objectives - identify and assess risk
ASSESS changes - changes in external environment, bussiness model and leadership
consider potetnial for FRAUD - pressures, opportunities, attitudes
analyze RISKS - how to manage risks (hedge, diversify, insurance etc.)
OIE - ANS-3 Principles of Information and Communication:
Obtain and use information: (FACT - fair, accurate, complete, timely information)
Internally communciate information: flow of information up and down across the organization
(IA, audit committee, mgmt)
communicate with External parties: two-way communication channels (CPA firm, consultants)
SoD - ANS-2 Principles of Monitoring activities:
Seperate and Ongoing evaluations: whether IC components are present/functioning (frequency
dictated by risk)
communicate Deficincies: in timely manner and corrective action is taken
CATP - ANS-3 Principles of Exisitng control activities:
Control Activities
Technology controls
Policies and Procedures deployment
CPER - ANS-Management decisions affect development of value including its:
Creation (benefit exceeds resource costs)
Preservation (from operations, sustainable, not a one time thing, happy customers)
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