COSO Internal Control Assessment Quiz
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ScribdTranslationsCOSO Internal Control Assessment Quiz
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ScribdTranslationsFebruary 13, 2021 Virtual Education System [Assessments]
Content> UnitEvaluation
Second partial
COSO Internal Control Evaluation
The following are 27 multiple choice questions
Puntaje total:4.00
Puntaje de aprobación:2.80
Incorrect ones subtract: No
Open: from 02/13/2021 21:30 until 02/14/2021 02:00
Execution
February 13, 2021 22:46:23
Execution time: 00:17:26 2.92
Number of times performed: 1 Approved
19 / 26
What term describes the concept that internal control, regardless of
its good design and operation cannot ensure compliance with the objectives of
an entity?
Inherent risk
Limited assurance
Residual risk
Reasonable assurance
Which of the following is a point of interest of the principle 'Identify and analyze the
risks?
Evaluate attitudes and rationalization
Evaluate the changes in leadership
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Determine the response to the risks
Consider various types of fraud
A manager allows a large shipment of goods to a tooth with a credit.
unacceptable, even though the entity has internal controls to prevent it.
What term best describes this situation?
Deficiency of leadership
Supervision activity
Cancellation by management
Fraud Risk
Which is NOT an example of an inherent limitation of all control systems?
internal?
Collusion between two employees
Compliance with laws or regulations
Cancellation of controls by management
Human trial
What term defined in the Framework describes a deficiency in a component that
does it reduce the likelihood of an entity achieving its objectives?
Internal control deficiency
Material weakness
Significant deficiency
Error
Regarding the control environment of an entity, what would it cause with all
probability of non-compliance with conduct rules?
Channels through which employees can express questions and
concerns with security
A board of directors that provides impartial oversight of the
adherence to the standards of upper management
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February 13, 2021 Virtual Education System [Assessments]
Inability to report inappropriate behavior
Penalties for inappropriate conduct that are applied consistently
What is NOT an inherent limitation of all internal control systems?
Limits of human judgment
Collusion of the staff
Cost of task segregation
Cancellation of controls by management
When applied correctly, what level of assurance can it offer?
internal control to senior management and the board of directors of an entity?
Significant
Limited
Absolute
Reasonable
What would be an appropriate way for an organization to address at least one
point of interest at the beginning "Communicate externally"?
Establish cross-functional forums to enable the communication of matters regarding
internal control in the entity
Develop guidelines for communication with the board of directors.
Communicate the complaint program to external service providers
Create and maintain information files
What term refers to the determination that aspects exist and
they continue to exist in the design, implementation, and execution of a system of
internal control?
Present and operational
Working together
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February 13, 2021 Virtual Education System [Assessments]
Effective and efficient
Reasonable assurance
What category of internal control objectives includes the protection of assets?
Operations
Information
Control activities
Compliance
The control environment, risk assessment, and control activities are
examples of...
Objectives
Components
Principles
Categories
Which of the following is NOT represented in the COSO cube?
Components
Objectives
Entity structure
Principles
Operations, information, and compliance are types of...
Focal points
Objectives
Components
Principles
Invalid input. Please provide a text to translate. 4/8
February 13, 2021 Virtual Education System [Evaluations]
Regarding the principle 'Establish the structure, authority, and responsibility'
What group is responsible for establishing directives, guidelines, and control for
allow management and other workers to understand and carry out their
What are the responsibilities of internal control?
Board of Directors
Outsourced service providers
Internal audit
Top management
What form of independent assessment usually offers the least objectivity?
Internal audit assessments
Interfunctional evaluations
Self-assessments
Peer evaluations
What component of internal control includes the standards and processes that serve as
basis for carrying out internal control in an organization?
Control activities
Control environment
Information and communication
Supervision activities
What category identifies the important characteristics of the principles in the
Marco?
Sub objectives
Components
Objectives
Focal points
The provided content is a URL and cannot be translated. 5/8
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Which one is NOT considered a business function regarding roles and
responsibilities of internal control?
Compliance Department
Internal Audit Department
Risk Department
Legal Department
Which of the following is a point of interest of the principle 'The organization evaluates and'
communicate internal control deficiencies in a timely manner to the parties
responsible for applying corrective measures, including senior management and the
advice, as appropriate?
It integrates with business processes
Adjust the scope and frequency
Evaluate the results
Use trained personnel
The Bakery El Sabor has a process to recognize and evaluate the factors
internal and external factors that may significantly affect their ability to
achieving the objectives. What principle is related to this situation?
Evaluate and communicate the deficiencies
Use relevant information
Evaluate the risk of fraud
Identify and analyze the significant changes
Which of the following situations must occur for a control system
effective internal reduces the risk of an entity not achieving its objectives to a level
acceptable?
The components work together in an integrated manner.
All focus points work together.
The components are fully documented and communicated.
The focal points are audited by a third-party external.
The provided text is a URL and cannot be translated. 6/8
February 13, 2021 Virtual Education System [Assessments]
The evaluation template for the components of the Illustrative Tools of the
Marco includes a summary of the evaluation of the...
Principles
Controls
Objectives
Focal points
What group is considered the first line of defense regarding internal control?
of an entity?
Internal auditors
Management and other staff
Business functions
External auditors
Which of the following is a point of interest of the principle 'The organization
demonstrates commitment to attract, develop, and retain professionals
competent, in alignment with the organization's objectives?
Plan and prepare the succession
Establish the rules of conduct
Address the deviations in a timely manner
Establish performance measures and incentives
If a relevant principle of an internal control component is not present and in
functioning, which sentence about the related component is correct?
It is not relevant to the entity
It is not present and operational
It may not contain a serious deficiency.
It may not contain a deficiency.
Invalid input. Please provide a text to be translated. 7/8
February 13, 2021 Virtual Education System [Evaluations]
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