STUDENTS SUCCESS
Revision Examination Tests
“Come all for this Greatness”
... 100% Correct Ans ...
BEC – COSO TEST 2024-2025 ACTUAL EXAM COMPLETE 200-
QUESTIONS AND CORRECT DETAILED ANSWERS
Quiz Define "control activities" (according to the COSO internal control and ERM
frameworks).
Ans: One of five components of internal control. Relates to the policies and
procedures that ensure that organizational actions address key risks related to the
achievement of management's objectives.
Quiz Define "control environment" (according to the COSO internal control
framework)
Ans: One of five components of internal control. Encompasses management's
philosophy towards controls, organizational structure, system of authority and
responsibility, personnel practices, and policies and procedures. The core or
foundation of any system of internal control.
Quiz Define "information and communications" (according to the COSO internal
control framework)
Ans: One of five components of internal control. Enable an organization's personnel
to identify, process, and exchange the information needed to manage and control
operations
Quiz Define "monitoring" (according to the COSO internal control framework).
Ans: One of five components of internal control. This component ensures the
ongoing reliability of information and control processes by monitoring and testing the
control system
Quiz Define "risk assessment" (according to the COSO internal control framework)
Ans: One of five components of internal control. The process of identifying,
analyzing and managing the risks related to achieving the organization's objectives
Quiz Risk response
, Ans: Management's response to risk. May include risk avoidance, reduction,
sharing, or acceptance.
Quiz Event identification
Ans: Identifying events that might affect the organization's ability to meet its
objectives.
Quiz Objective setting
Ans: A company must establish objectives at four levels (strategic, operational,
reporting, and compliance).
Quiz Compliance objectives
Ans: Ensures that that organization meets legal and regulatory requirements.
Quiz Reporting objectives
Ans: Information system goals related to the accuracy, completeness, timeliness,
and reliability of internal and external reporting.
Quiz Operations objectives
Ans: Goals concerned with day-to-day operative activities (sales activities,
warehousing, manufacturing, etc.).
Quiz Strategic objectives
Ans: High-level goals that support the organization's overall mission.
Quiz Enterprise risk management
Ans: The methods and processes used by organizations to identify and manage the
events and circumstances that influence the organization's ability to achieve its
objectives.
Quiz Tone at the top
Ans: The extent to which top management is ethical and pro-active in establishing
an ethical and moral tone and culture.
Quiz According to COSO, what four critical accounting activities should be
segregated?
Ans: Authorizing, recording, safeguarding, reconciliation/oversight/auditing.
Quiz Risk appetitie
Revision Examination Tests
“Come all for this Greatness”
... 100% Correct Ans ...
BEC – COSO TEST 2024-2025 ACTUAL EXAM COMPLETE 200-
QUESTIONS AND CORRECT DETAILED ANSWERS
Quiz Define "control activities" (according to the COSO internal control and ERM
frameworks).
Ans: One of five components of internal control. Relates to the policies and
procedures that ensure that organizational actions address key risks related to the
achievement of management's objectives.
Quiz Define "control environment" (according to the COSO internal control
framework)
Ans: One of five components of internal control. Encompasses management's
philosophy towards controls, organizational structure, system of authority and
responsibility, personnel practices, and policies and procedures. The core or
foundation of any system of internal control.
Quiz Define "information and communications" (according to the COSO internal
control framework)
Ans: One of five components of internal control. Enable an organization's personnel
to identify, process, and exchange the information needed to manage and control
operations
Quiz Define "monitoring" (according to the COSO internal control framework).
Ans: One of five components of internal control. This component ensures the
ongoing reliability of information and control processes by monitoring and testing the
control system
Quiz Define "risk assessment" (according to the COSO internal control framework)
Ans: One of five components of internal control. The process of identifying,
analyzing and managing the risks related to achieving the organization's objectives
Quiz Risk response
, Ans: Management's response to risk. May include risk avoidance, reduction,
sharing, or acceptance.
Quiz Event identification
Ans: Identifying events that might affect the organization's ability to meet its
objectives.
Quiz Objective setting
Ans: A company must establish objectives at four levels (strategic, operational,
reporting, and compliance).
Quiz Compliance objectives
Ans: Ensures that that organization meets legal and regulatory requirements.
Quiz Reporting objectives
Ans: Information system goals related to the accuracy, completeness, timeliness,
and reliability of internal and external reporting.
Quiz Operations objectives
Ans: Goals concerned with day-to-day operative activities (sales activities,
warehousing, manufacturing, etc.).
Quiz Strategic objectives
Ans: High-level goals that support the organization's overall mission.
Quiz Enterprise risk management
Ans: The methods and processes used by organizations to identify and manage the
events and circumstances that influence the organization's ability to achieve its
objectives.
Quiz Tone at the top
Ans: The extent to which top management is ethical and pro-active in establishing
an ethical and moral tone and culture.
Quiz According to COSO, what four critical accounting activities should be
segregated?
Ans: Authorizing, recording, safeguarding, reconciliation/oversight/auditing.
Quiz Risk appetitie
