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Hi sir, for June 2009, P1 Exam, question 1(b), regarding the part on “asses the internal control performance” of Global bank”
Why didn’t the answer use the COSO framework to assess the performance ? When do we use it ?
You do notmhave to usemthat framework. The auditing papers use a different, but similar, set of headings.
COSO is relevant here becausemdown the ‘front’ of the cube (see P99 of our notes) you have the steps that set out risk management, which is very bound up with internal control.
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