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According to the Committee of Sponsoring Organizations of the Treadway Commission's (COSO) Internal Control-integrated Framework (the Framework), there are five interrelated components of a company's internal control. Which of the following is NOT among these five components?
Suggested Answer: C
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38 comments · newest first
DE
Deane
11 months ago
Yup, C is the odd one out for sure!
MA
Macy
11 months ago
Wait, are you sure about this? I always thought oversight was key!
NA
Nancey
11 months ago
I thought independent oversight was part of it too, but I guess not.
LE
Lezlie
12 months ago
Definitely not C, that's not one of the five!
LE
Leslee
12 months ago
There are five components: Control environment, risk assessment, control activities, information and communication, and monitoring.
EL
Elin
12 months ago
I’m a bit confused about this. I know "monitoring" and "control environment" are definitely in there, but I can’t recall if "independent oversight" is part of the framework or not.
KA
Kaitlyn
1 year ago
I practiced a similar question last week, and I think "independent oversight" was mentioned as a separate concept in governance, not a component of the COSO framework.
LE
Lennie
1 year ago
I think the components are monitoring, control environment, risk assessment, information and communication, and something else. "Independent oversight" doesn’t ring a bell as one of them.
CA
Casandra
1 year ago
I remember studying the five components, but I’m not entirely sure about "independent oversight." It feels like it could be part of the control environment or monitoring.
CA
Carmen
1 year ago
Ah, the COSO framework - I remember learning about that. Let me think... control environment, risk assessment, control activities, information and communication, and monitoring. Yep, independent oversight is not one of the five. I've got this!
MA
Maybelle
1 year ago
This is a straightforward COSO question. The five components are well-defined, so I'm confident I can eliminate the incorrect answer. I'll just double-check my understanding of each component to be absolutely certain.
JE
Jeniffer
1 year ago
Hmm, let me think this through. The COSO framework has those five key components, but I'm having trouble remembering what they all are. I'll have to review my notes to be sure I get this right.
HA
Harley
1 year ago
I'm pretty confident about this one. The five COSO components are control environment, risk assessment, control activities, information and communication, and monitoring. Independent oversight is not one of the five.
JO
Jolene
1 year ago
Okay, I know the COSO framework covers internal controls, but I'm a little fuzzy on the specific components. I'll have to carefully read through the answer choices to jog my memory and make sure I select the one that's not part of the framework.
WE
Werner
1 year ago
Ah, this is a tricky one. I remember discussing production order creation in class, but the specifics of these methods are a bit fuzzy. I think I'll start by eliminating any options that don't seem relevant, then try to reason through the remaining choices.
AL
Alishia
2 years ago
Independent oversight? What is this, a corporate governance exam? Definitely not one of the COSO components. I'm going with C and hoping for the best!
MA
Mayra
2 years ago
Ugh, I hate these COSO questions. They're always so specific and confusing. But I think C is the right answer - independent oversight doesn't sound like it's part of the framework.
JO
Joseph
2 years ago
This is a tricky one! I'm leaning towards C) Independent oversight, but I could be wrong. Maybe they're trying to trick us with this question.
IS
Isabella
2 years ago
D) Information and communication
JO
Jonelle
2 years ago
C) Independent oversight
TA
Tatum
2 years ago
B) Control environment
ED
Edgar
2 years ago
A) Monitoring
DO
Dona
2 years ago
Haha, independent oversight? That sounds like something the higher-ups would want, but definitely not one of the COSO components. I'm going with C on this one.
NI
Nikita
2 years ago
So, we're all in agreement that the correct answer is C) Independent oversight, right?
MA
Maynard
2 years ago
Yeah, I'm pretty sure independent oversight is not one of the five components according to the COSO Framework.
MI
Micah
2 years ago
I think monitoring, control environment, and information and communication are definitely part of the COSO components.
LI
Lili
2 years ago
I agree, independent oversight does sound like something the higher-ups would want.
MA
Marguerita
2 years ago
Hmm, I'm not too sure about this one. I know monitoring, control environment, and information and communication are part of the COSO framework, but I can't recall if independent oversight is one of them.
CR
Cristina
2 years ago
I believe the correct answer is C) Independent oversight because the other options are part of the five components.
AU
Audry
2 years ago
I think the answer is C) Independent oversight. That's not one of the five COSO components, right?
MA
Malinda
2 years ago
I believe the correct answer is C) Independent oversight.
MA
Marion
2 years ago
Yes, you are correct. Independent oversight is not one of the five components according to COSO.
OD
Odette
2 years ago
D) Information and communication
HA
Haley
2 years ago
C) Independent oversight
WI
Willodean
2 years ago
B) Control environment
JU
Justine
2 years ago
A) Monitoring
DI
Dion
2 years ago
I agree with Jamal, Independent oversight is not one of the five components.
JA
Jamal
2 years ago
I think the answer is C) Independent oversight.