Monitoring Internal Control

Question 1

Four processes to identify and address changes in internal control effectiveness

Answer 1

1) establish a control baseline
2) identify changes
3) manage changes
4) revalidate control baseline

Question 2

Three core processes of COSO model of control monitoring

Answer 2

1) Establish a foundation
2) Design and Execute
3) Assess and report

Question 3

What does monitoring evaluate?

Answer 3

Internal control systems ability to manage or mitigate risks to internal control activities

Question 4

What is the starting point for a system of internal control?

Answer 4

Setting organizational objectives