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16 Cards in this Set

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  • Back
What are the 5 components of COSO's Framework?

CRIME
Control Activities
Risk Assessment
Information and Communication
Monitoring
Control Enviroment
What are the components of the Control Enviroment?

crimE - PHRASED - Tone at the top
Philosophy and operating style of management
Human Resources
Reporting (financial) competencies
Authority and responsibility
Structure (organizational)
Ethical values (and integrity)
Directors - BOD
Components of ERM (enterprise risk management)

IS EAR AIM
Internal enviroment
Setting objectivies
Event ID
Assessment of risk
Risk response
Control activities
Information and communication
Monitoring
Components of Risk Assessment
Financial reporting objectives
Financial reporting risks
Fraud risk
Components of Control Activities
Risk assessment integration
Selection and development
Policies and procedures
Information and technology
Components of Information & Communication
Financial reporting information
Internal control information
Internal communication
External communication
Components of Monitoring
Ongoing and seperate evaluations
Reporting deficiencies
Components of Internal Enviroment

Tone at the Top - PHRASED C
risk management philosophy
risk appetite
BOD
integrity and ethical values
commitment to competence
organizational structure
assisgnment of authority and responsibility
HR standards
Components of Objective Setting
strategic obj
related obj
selected obj
risk appetite
risk tolerance
Components of Event ID
events
influencing factors
event ID techniques
event interdependencies
event categories
distinguishing risks and opportunities
Components of Risk Assessment (ERM)
inherent and residual risk
establishing likelihood and impact
data sources
assessment techniques
event relationships
Components of Risk Reponse (ERM)
evaluation possible responses
selected responses
portfolio view
Components of Control Activities (ERM)
integration w risk response
types of control activities
policies and procedures
controls over information systems
entity specific
Components of Information and Communication (ERM)
information
communication
Components of Monitoring (ERM)
ongoing monitoring activities
separate evaluations
reporting deficiencies
4 perspectives of balanced scorecard

FECH
learning & growth (leveraging HR capabilities)
customer (measuring the effort that adds to customer satisfaction)
business process (measuring efficiency & effectiveness of business process)
Financial (measuring financial results)