ACFE CFE-Fraud-Prevention-and-Deterrence Exam - Topic 1 Question 91 Discussion

Actual exam question for ACFE's CFE-Fraud-Prevention-and-Deterrence exam

Question #: 91
Topic #: 1

[All CFE-Fraud-Prevention-and-Deterrence Questions]

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?

AMonitoring

BControl environment

CIndependent oversight

DInformation and communication

Show Suggested Answer

Suggested Answer: C

by Louann at Aug 22, 2024, 10:21 AM

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Deane

6 months ago

Yup, C is the odd one out for sure!

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Macy

6 months ago

Wait, are you sure about this? I always thought oversight was key!

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Nancey

7 months ago

I thought independent oversight was part of it too, but I guess not.

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Lezlie

7 months ago

Definitely not C, that's not one of the five!

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Leslee

7 months ago

There are five components: Control environment, risk assessment, control activities, information and communication, and monitoring.

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Elin

7 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.

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Kaitlyn

8 months 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.

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Lennie

8 months 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.

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Casandra

8 months 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.

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Carmen

8 months 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!

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Maybelle

8 months 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.

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Jeniffer

8 months 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.

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Harley

8 months 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.

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Jolene

8 months 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.

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Werner

8 months 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.

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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!

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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.

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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.

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Isabella

2 years ago

D) Information and communication

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Jonelle

2 years ago

C) Independent oversight

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Tatum

2 years ago

B) Control environment

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Edgar

2 years ago

A) Monitoring

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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.

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Nikita

2 years ago

So, we're all in agreement that the correct answer is C) Independent oversight, right?

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Maynard

2 years ago

Yeah, I'm pretty sure independent oversight is not one of the five components according to the COSO Framework.

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Micah

2 years ago

I think monitoring, control environment, and information and communication are definitely part of the COSO components.

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Lili

2 years ago

I agree, independent oversight does sound like something the higher-ups would want.

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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.

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