Question

Warren Limited has been diligent in ensuring that their operations meet modern control standards. Recently, they have extended their control compliance system by incorporating policies and procedures that require the specification of company objectives, uncertainties associated with objectives, and contingency plans. Warren Limited is transitioning from a ________ to a ________ control framework.
A) COSO-IC; COSO-ERMB) COSO-ERM; COBITC) COBIT; COSO-ICD) COSO-IC; COBITE) COBIT; COSO-ERM

Answer 1

Answer:

COSO-IC; COSO-ERM.

Explanation:

In an “effective” internal control system, the following five components work to support the achievement of an entity’s mission, strategies and related business objectives: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring. COSO Enterprise Risk Management Framework begins with an underlying premise that every entity exists to provide value to its stakeholders and faces uncertainty in the pursuit of that value. Therefore, the framework itself focuses on preserving and creating enterprise value, with an emphasis on managing risk within the entity's risk appetite.