BEC – COSO ACTUAL 2025/2026 Q&A 100% PASS

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BEC – COSO ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Define "control activities" (according to the COSO internal control and ERM frameworks). - Answer -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. Define "control environment" (according to the COSO internal control framework) - Answer -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. Define "information and communications" (according to the COSO internal control framework) - Answer -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 Define "monitoring" (according to the COSO internal control framework). - Answer -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 Define "risk assessment" (according to the COSO internal control framework) - Answer -One of five components of internal control. The process of identifying, analyzing and managing the risks related to achieving the organization's objectives Risk response - Answer -Management's response to risk. May include risk avoidance, Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com reduction, sharing, or acceptance. Event identification - Answer -Identifying events that might affect the organization's ability to meet its objectives. Objective setting - Answer -A company must establish objectives at four levels (strategic, operational, reporting, and compliance). Compliance objectives - Answer -Ensures that that organization meets legal and regulatory requirements. Reporting objectives - Answer -Information system goals related to the accuracy, completeness, timeliness, and reliability of internal and external reporting. Operations objectives - Answer -Goals concerned with day-to-day operative activities (sales activities, warehousing, manufacturing, etc.). Strategic objectives - Answer -High-level goals that support the organization's overall mission. Enterprise risk management - Answer -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. Tone at the top - Answer -The extent to which top management is ethical and pro-active in establishing an ethical and moral tone and culture. According to COSO, what four critical accounting activities should be segregated? - Answer -Authorizing, recording, safeguarding, reconciliation/oversight/auditing. Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com