Business Analysis

CoCo, sponsored by the Canadian Institute of Chartered Accountants, is intended to translate COSO into practical, implementable activities and defines three major control objectives:

1. Effectiveness and efficiency of operations
2. Reliability of internal and external reporting
3. Compliance with applicable laws and regulations and internal policies

Within the CoCo framework, control is defined as encompassing:
- Purpose, which defines criteria that promote an understanding of the organization direction. They use techniques such as vision and strategy; risks and opportunities, planning, policy development, and use of performance targets and indicators.

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This sample question is for CIA exam part III: Business Analysis & IT

1. All of the following are useful for forecasting the needed level of inventory except:
a. Knowledge of the behavior of business cycles.
b. Internal accounting allocations of costs to different segments of the company.
c. Information about seasonal variations in demand.
d. Econometric modeling.

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