COSO Cube

Question 1

Why do we have internal control? Three objectives?

Answer 1

1) Operations
2) Reporting
3) Compliance with applicable laws and regulations

Question 2

Where do we have internal control?

Answer 2

Units and activities

Question 3

What is internal control? What are the five components?

Answer 3

1) Control environment
2) Risk assessment
3) Information and Communication
4) Monitoring
5) Control Activities