BEC 1

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Author:
mmsmiles13728
ID:
254513
Filename:
BEC 1
Updated:
2013-12-29 20:17:43
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Corporate Governance
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Corporate Governance Topics for BEC
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  1. The Sarbanes-Oxley Act defines the responsibilities of the audit committee of an issuer as including:
    Appointment of the auditor

    Compensation of the auditor

    • Oversight of the auditor:
    • 1) Resolve disagreements between management and the auditor

    2) The accounting firm reports directly to the audit committee
  2. SOX defines the criteria for the independence of audit committee members for issuers as including the following characteristics
    1) Each member of the audit committee shall be a member of the BOD of the issuer but shall be otherwise independent

    2) Audit committee members may not accept any consulting, advisory or other compensation or fees from the issuer other than pursuant to their roles on the board

    3)  Audit committee members may not be an affiliated person (a person who can influence financial decisions) of the issuer or any subsidiary of the issuer
  3. SOX requires that an issuer's audit committee establish a complaint procedure that includes:
    • 1) Receipt, retention, and treatment of complaints received by issuers regarding
    •     a) Accounting
    •     b) Internal Controls
    •     c) Auditing

    2) Confidential or anonymous submissions by employees of issuers regarding questionable accounting or auditing matters
  4. What are the components of the Committee on Sponsoring Organization's (COSO) Internal Control Integrated Framework?
    • 1) Control Environment
    • 2) Risk Assessment
    • 3) Information and Communication
    • 4) Monitoring
    • 5) Existing Control Activities
  5. What are the principles associated with the control environment component of the Committee on Sponsoring Organization's (COSO) Internal Control Integrated Framework?

    PHRASED
    • 1) Management's Philosophy and Operating Style
    • 2) Human Resources
    • 3) Financial Reporting Competencies
    • 4) Authority and Responsibility
    • 5) Organizational Structure
    • 6) Integrity and Ethical Values
    • 7) Board of Directors
  6. What are the principles associated with the risk assessment of the Committee on Sponsoring Organization's (COSO) Internal Control Integrated Framework?
    • 1) Financial Reporting Objectives
    • 2) Financial Reporting Risks
    • 3) Fraud Risk
  7. What are the principles associated with the control activities component of the Committee on Sponsoring Organization's (COSO) Internal Control Integrated Framework?
    • 1) Risk Assessment Integration
    • 2) Selection and Development
    • 3) Policies and Procedures
    • 4) Information and Technology
  8. What are the principles associated with the information and communication component of the Committee on Sponsoring Organizations (COSO) Internal Control Integrated Framework?
    • 1) Financial Reporting Information
    • 2) Internal Control Information
    • 3) Internal Communication
    • 4) External Communication
  9. What are the principles associated with the monitoring of the Committee on Sponsoring Organization's (COSO) Internal Control Integrated Framework?
    • 1) Ongoing and Separate Evaluations
    • 2) Reporting Deficiencies
  10. What are the components of the Committee on Sponsoring Organization's (COSO) Enterprise Risk Management (ERM) Integrated Framework?

    IS EAR AIM
    • 1) Internal Environment
    • 2) Objective Setting

    • 3) Event Identification
    • 4) Risk Assessment
    • 5) Risk Response

    • 6) Control Activities
    • 7) Information and Communication
    • 8) Monitoring
  11. What are the key elements of the internal environment component of the Committee on Sponsoring Organization's (COSO) Enterprise Risk Management (ERM) Integrated Framework?

    PHRASEDC
    • 1) Philosophy of risk management
    • 2) Human Resources Standards
    • 3) Risk Appetite 
    • 4) Authority and responsibility
    • 5) Structure (organizational)
    • 6) Ethical values (and integrity)
    • 7) Directors
    • 8) Commitment to Competence
  12. What are the key elements of the objective setting component of the Committee on Sponsoring Organization's (COSO) Enterprise Risk Management (ERM) Integrated Framework?
    • 1) Strategic Objectives
    • 2) Related Objectives
    • 3) Selected Objectives
    • 4) Risk Appetite
    • 5) Risk Tolerances
  13. What are the key elements of the event identification component of the Committee on Sponsoring Organization's (COSO) Enterprise Risk Management (ERM) Integrated Framework?
    • 1) Events
    • 2) Influencing Factors
    • 3) Event Identification Techniques
    • 4) Event Interdependencies
    • 5) Event Categories
    • 6) Distinguishing Risks and Opportunities
  14. What are the key elements of the risk assessment component of the Committee on Sponsoring Organization's (COSO) Enterprise Risk Management (ERM) Integrated Framework?
    • 1) Inherent and Residual Risk
    • 2) Establishing Likelihood and Impact
    • 3) Data Sources
    • 4) Assessment Techniques
    • 5) Event Relationships
  15. What are the key elements of the risk response component of the Committee on Sponsoring Organization's (COSO) Enterprise Risk Management (ERM) Integrated Framework?
    • 1) Evaluating Possible Responses
    • 2) Selected Responses
    • 3) Portfolio View
  16. What are the key elements of the control activities component of the Committee on Sponsoring Organization's (COSO) Enterprise Risk Management (ERM) Integrated Framework?
    • 1) Integration with Risk Response
    • 2) Types of Control Activities
    • 3) Policies and Procedures
    • 4) Controls over Information Systems
    • 5) Entity Specific
  17. What are the key elements of the information and communication component of the Committee on Sponsoring Organization's (COSO) Enterprise Risk Management (ERM) Integrated Framework?
    • 1) Information
    • 2) Communication
  18. What are the key elements of the monitoring component of the Committee on Sponsoring Organization's (COSO) Enterprise Risk Management (ERM) Integrated Framework?
    • 1) Ongoing Monitoring Activities
    • 2) Separate Evaluations
    • 3) Reporting Deficiencies
  19. Define the integrity and ethical values principle associated with the control environment component of the Committee on Sponsoring Organization's (COSO) Internal Control Integrated Framework for achieving effective internal control over financial reporting
    Top management must set a standard of conduct for financial reporting that demonstrates a commitment to integrity and ethical values.

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