CIMA BA4 · Chapter 7 · Question 1 of 10
Which of the following is NOT one of the five components of internal control in the COSO framework?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) Strategic planning
Explanation
The COSO components are control environment, risk assessment, control activities, information and communication, and monitoring activities. Strategic planning is a management process but is not one of the five internal control components.
More Internal control, risk and audit MCQs
- Q3Requiring two separate people to authorise and record a payment is an example of which type of control?
- Q4Which of the following best describes the 'control environment'?
- Q5Which of the following is a key difference between internal audit and external audit?
- Q6To whom should the head of internal audit ideally have direct access in order to protect independence?
- Q7Which of the following is a limitation of any system of internal control?