BEC Corporate Governance review 3

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BEC Corporate Governance review 3
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2015-03-15 17:15:34
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BEC Corporate Governance review
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BEC Corporate Governance review 3
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  1. Who is Exempt from SOX?
    • Non-for profits and nonpublic entities (private
    • companies)
  2. When evaluating the controls and procedures, the following Questions are asked

    ----------------------------------------------

    ----------------------------

    ------------------------

    ---------------------------
    Are the right people involved?

    How are key risk areas identified and addressed?

    Where might systems fail and how are weaknesses addressed?

    How have any raised concerns been addressed?
  3. When evaluating the controls and procedures, the following Questions are asked

    Are the right people involved?

    How are key risk areas identified and addressed?

    Where might systems fail and how are weaknesses addressed?

    -------------------------------------
    Are the right people involved?

    How are key risk areas identified and addressed?

    Where might systems fail and how are weaknesses addressed?

    How have any raised concerns been addressed?
  4. When evaluating the controls and procedures, the following Questions are asked

    Are the right people involved?

    How are key risk areas identified and addressed?

    ---------------------------------------------------

    How have any raised concerns been addressed?
    Are the right people involved?

    How are key risk areas identified and addressed?

    Where might systems fail and how are weaknesses addressed?

    How have any raised concerns been addressed?
  5. When evaluating the controls and procedures, the following Questions are asked

    Are the right people involved?

    -------------------------------------------------

    Where might systems fail and how are weaknesses addressed?

    How have any raised concerns been addressed?
    Are the right people involved?

    How are key risk areas identified and addressed?

    Where might systems fail and how are weaknesses addressed?

    How have any raised concerns been addressed?
  6. When evaluating the controls and procedures, the following Questions are asked

    -------------------------------------------------

    How are key risk areas identified and addressed?

    Where might systems fail and how are weaknesses addressed?

    How have any raised concerns been addressed?
     

    Are the right people involved?

    How are key risk areas identified and addressed?

    Where might systems fail and how are weaknesses addressed?

    How have any raised concerns been addressed?
  7. The Financial reporting process and the related internal controls must be ----------------------, ------------------------- and
    ----------------------------------.
    • The Financial reporting process and the related internal controls must be clearly defined, consistently performed and
    • effectively managed.
  8. The SEC rules require public companies to
    maintain and regularly evaluate the effectiveness of, disclosure controls and
    procedures that ensure that ---------------------------------------.
    • The SEC rules require public companies to
    • maintain and regularly evaluate the effectiveness of, disclosure controls and
    • procedures that ensure that information contained in required reports filed is
    • recorded, processed, summarized, and reported on a timely basis.
  9. What title reviews additional guidelines
    regarding the rules and punishments concerned with fraudulent corporate
    activities.  This title also give the
    commission authority to freeze the funds of a company suspected of committing
    violations of securities laws
    The corporate fraud accountability Act of 2002.
  10. What does the Corporate Fraud Accountability Act of 2002 address to do?
    • It reviews additional guidelines regarding the
    • rules and punishments concerned with fraudulent corporate activities.  This title also give the commission authority
    • to freeze the funds of a company suspected of committing violations of
    • securities laws.
  11. Who is required to establish and maintain an
    internal control structure to adequately support reliable financial reporting?
    Management
  12. Management is required to establish and maintain an ----------------------------------------------------
    Management is required to establish and maintain an internal control structure to adequately support reliable financial reporting.
  13. What are the purposes of SOX?

    -------------------------

    ----------------------------
    ----------------------------
    ------------------------------------
    • Regulate the auditors of public companies
    • Clarify sound corporate governance
    • Enhance corporate reporting and disclosure
    • Strengthen enforcement of relevant laws and
    • regulations
  14. What are the purposes of SOX?
    Regulate the auditors of public companies
    Clarify sound corporate governance
    Enhance corporate reporting and disclosure
    ---------------------------------------
    Regulate the auditors of public companies

    Clarify sound corporate governance

    Enhance corporate reporting and disclosure

    • Strengthen enforcement of relevant laws and
    • regulations
  15. What are the purposes of SOX?

    Regulate the auditors of public companies

    Clarify sound corporate governance

    --------------------------------------------------

    Strengthen enforcement of relevant laws and
    regulations
    Regulate the auditors of public companies

    Clarify sound corporate governance

    Enhance corporate reporting and disclosure

    • Strengthen enforcement of relevant laws and
    • regulations
  16. What are the purposes of SOX?

    Regulate the auditors of public companies

    ---------------------------------------------

    Enhance corporate reporting and disclosure

    Strengthen enforcement of relevant laws and
    regulations
    Regulate the auditors of public companies

    Clarify sound corporate governance

    Enhance corporate reporting and disclosure

    • Strengthen enforcement of relevant laws and
    • regulations
  17. What are the purposes of SOX?

    -------------------------------------------

    Clarify sound corporate governance

    Enhance corporate reporting and disclosure

    Strengthen enforcement of relevant laws and
    regulations
     

    Regulate the auditors of public companies

    Clarify sound corporate governance

    Enhance corporate reporting and disclosure

    • Strengthen enforcement of relevant laws and
    • regulations
  18. What was the result of the Sarbanes – Oxley Act for public companies?
    Public companies must implement controls against illegal and unethical business practices.
  19.  

    Under SEC rules, may external auditor prepare
    and gather information?
    • Yes - Under SEC rules, external auditors may
    • prepare or gather information as long as client management directs the process
    • including deciding which controls to document.
  20.  

    Under SEC rules, external auditors may prepare or gather information as long as ------.
    • client management directs the process including
    • deciding which controls to document

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