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BEC Mnemonics & Formulas Exam Questions & Answers 2024/2025

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BEC Mnemonics & Formulas Exam Questions & Answers 2024/2025 COSO Internal Control Framework Objectives - ORC - ANSWERSOperations Reporting Compliance COSO Components of Internal Control - CRIME - ANSWERSControl environment Risk assessment Information and communication Monitoring Exist...

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  • August 11, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • BEC Mnemonics & Formulas
  • BEC Mnemonics & Formulas
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BEC Mnemonics & Formulas Exam
Questions & Answers 2024/2025

COSO Internal Control Framework Objectives - ORC - ANSWERSOperations

Reporting

Compliance



COSO Components of Internal Control - CRIME - ANSWERSControl environment

Risk assessment

Information and communication

Monitoring

Existing control activities



Principles of Control Environment - EBOCA - ANSWERSEthics

Board independence

Organizational structure

Competence

Accountability



Principles of Risk Assessment - SAFR - ANSWERSSpecify objectives

Assess changes

Fraud (ID potential fraud)

Risk (analyze risk(



Principles of Information and Communication - OIE - ANSWERSObtain and use information

Internally communicate

Externally communicate

, Principles of Existing Control Activities - CAT P - ANSWERSControl

Activities

Technology controls

Policies and Procedures



Communication/Reporting/Information - FACT - ANSWERSFair

Accurate

Complete

Timely



COSO ERM Objectives SORC + SRR - ANSWERSStrategic

Operations

Reporting

Compliance



Selected objectives

Risk appetite

Risk tolerances



Risk Responses - ARTS - ANSWERSAvoidance (high frequency, high severity)

Reduction (high frequency, low severity)

Transfer (low frequency, high severity)

Self-insure/accept (low frequency, low severity)



Documenting internal control assessment - COPS - ANSWERSComponent evaluation

Overall assessment

Principal evaluation

Summary of internal control deficiencies

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