CLO 3.3: QUESTION 12 The COSO framework consists of five elements of control: the control environment, risk assessment, control activities, information and communication, and monitoring. The graph below depicts the COSO internal control framework: The COSO framework FIGURE 10-3 Five Components of Internal Control Control Environment Risk Assessment Control Activities Information and Communication Monitoring Required: Name the Internal Control Component of the COSO model in a following given situations: (4 x 2 marks each = 8 Marks) + Answer: Situation Control component 1. The organization selects and develops general actions over technology to support the achievement of objectives 2. Management establishes, with board oversight, structures, reporting lines, and appropriate authorities and responsibilities in the pursuit of objectives 3. The organization selects, develops, and performs ongoing and/or separate evaluations to ascertain whether the components of internal control are present and functioning 4. The organization demonstrates a commitment to integrity and ethical values