Which of the following is one of the areas in which controls are - ProProfs Discuss
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Which of the following is one of the areas in which controls are assessed by auditors using the COSO framework?



A. Risk Assessment
B. Monitoring
C. Control Environment.
D. All of the above

This question is part of ITM 6015 Final Exam Practice
Asked by Bz, Last updated: Mar 03, 2020

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3 Answers

O. Bickis

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O. Bickis, Corporate employee, MBA, Stockton

Answered Jan 28, 2019

Large companies usually have a form of auditing for their own company. This is done as part of their accounting department to make sure that everything financially has been done correctly as far as having paperwork to confirm the expenses and money that they have used, spent or received. The accountant is usually not doing the auditing.

Instead, they are part of the auditing by showing the auditor and the auditing staff all of their paperwork. Many may use the COSO framework. This stands for the Committee of Sponsoring Organizations. It oversees the committees belonging to accounting and auditing. They do a wide range of actions to make sure everything is running smoothly including risk assessment, monitoring and control environment, to name a few.

 

C. Marcus

C. Marcus, Content Developer, Washington

Answered Aug 29, 2018

The COSO is also known as Committee of Sponsoring Organizations. They have auditors that will make sure that fraud is not going to occur. These auditors are in charge of checking out certain areas. Some of which are the following: risk assessment, monitoring, and control environment. Based on the things that are mentioned, it is evident that the answer to this is D. All of the above.

The various risks that the company is going to face are usually identified and assessed. There would be various plans that will be made in order to solve these issues. There are also times when the overall framework of the company will be double checked to assess that everything is working fine.

 

bz

Bz

Answered Oct 17, 2017

All of the above
 

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