Auditing Cases 6th Edition by Mark Beasley,Frank Buckless,Steven Glover,Douglas Prawitt

Exercise 1

The Committee of Sponsoring Organizations of the Treadway Commission (widely known as COSO) revised its Internal Control - Integrated Framework to update its guidance to reflect a number of advancements in best practices, including those related to information technologies. Visit COSO's website (www.coso.org) to obtain an Executive Summary of the revised Internal Control - Integrated Framework. Review that summary to answer the following questions:
[a] What are the five components of internal control
[b] What is the relationship between the components of internal control and the principles of internal control and how many principles are in the framework
[c] One of the principles describes the importance of general controls. Identify the component of internal control that principle addresses and describe why COSO embedded that principle in that component.