The Committee of Sponsoring Organizations (COSO)

1. What is the Committee of Sponsoring Organizations (COSO)? Summarize its history and explain why it is relevant to auditing.
2. Explain what internal control means and explain how internal control relates to auditing.
3. Discuss the types of internal controls and explain how each is important to the auditing process.
4. Discuss and give examples of the various tools to document control risk assessment – such as narratives, flowcharts and checklists.
5. Discuss the term audit programs – what are they are why are audit programs important to the audit process?

Sample Solution