BEC Corporate Governance review 4

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Joens1313
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298636
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BEC Corporate Governance review 4
Updated:
2015-03-17 22:45:58
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BEC Corporate Governance review
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BEC Corporate Governance review 4
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  1.  

    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.
  2. 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?
  3. 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?
  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?

    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?
  6. 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?
  7. Who is Exempt from SOX?
    • Non-for profits and nonpublic entities (private
    • companies)
  8. Why will internal controls over financial
    reporting never be prefect?
     

    • Limitations exist because of the fact that there are people involved and hence collusion, management override, or errors in
    • judgment can occur.
  9. What is the goal of internal control?
    • The goal is to design a system in such a way
    • that it reduces risk of material fraud and error.
  10. What is the COSO?
    The Committee of Sponsoring Organizations
  11. What is the COSO Integrated Framework?
    • It is the most widely adopted internal control
    • framework.  The integrated framework
    • operates as a mechanism to show the most important components of an effectively
    • functioning system of internal controls.

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