BEC Corporate Governance review 8

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Joens1313
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298641
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BEC Corporate Governance review 8
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2015-03-17 23:31:51
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BEC Corporate Governance review
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BEC Corporate Governance review 8
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  1. A ---------------------------------- exists when
    the design of operation of a control does not allow management or employees in
    the normal course of performing their assigned function, to prevent or detect
    misstatements on a timely basis.
    • A control deficiency exists when the design of
    • operation of a control does not allow management or employees in the normal
    • course of performing their assigned function, to prevent or detect
    • misstatements on a timely basis.
  2. A ----------------------------------------- is a
    deficiency or combination of deficiencies in internal control over financial
    reporting such that there is a reasonable possibility that a material
    misstatement of the company’s annual or interim financial statements will not
    be prevented or detected on a timely basis by employees in the normal course of
    performance of their assigned functions.
    • A material weakness is a deficiency or
    • combination of deficiencies in internal control over financial reporting such
    • that there is a reasonable possibility that a material misstatement of the
    • company’s annual or interim financial statements will not be prevented or
    • detected on a timely basis by employees in the normal course of performance of
    • their assigned functions.

    .
  3. A ------------------------------ is a deficiency
    or combination of deficiencies in internal control over financial reporting
    that is less severe than a material weakness yet important enough to merit
    attention by those responsible for oversight of the company’s financial
    reporting.
    • A
    • significant deficiency is a deficiency or combination of deficiencies in
    • internal control over financial reporting that is less severe than a material
    • weakness yet important enough to merit attention by those responsible for
    • oversight of the company’s financial reporting
  4. What does the IIA stand for?
    Institute of Internal Auditors
  5. What do the IIA’s International Standards for
    the Professional Practice of Internal Auditing (also called just Standards)
    provide?
    • Standards for a framework for internal auditors
    • to refer to in their job functions, irrespective of the environment in which
    • they work.
  6. What is another name for the IIA’s International
    Standards for the Professional Practice of Internal Auditing?
    The Standards
  7. What is the purpose of the IIA’s International Standards for the Professional Practice of Internal Auditing?

    a.            Delineate basic principles that represent the practice of internal auditing

    b.            ---------------------------------------

    c.             Establish the basis for the evaluation of internal audit performance

    d.            Foster improved organizational processes and operations
    • What is the purpose of the IIA’s International Standards for
    • the Professional Practice of Internal Auditing?

    • a.            Delineate
    • basic principles that represent the practice of internal auditing

    • b.            Provide a
    • framework for performing and promoting a broad range of value added internal
    • auditing

    • c.             Establish
    • the basis for the evaluation of internal audit performance

    • d.            Foster
    • improved organizational processes and operations
  8. What is the purpose of the IIA’s International Standards for the Professional Practice of Internal Auditing?

    a.            Delineate basic principles that represent the practice of internal auditing

    b.            Provide a framework for performing and promoting a broad range of value added internal
    auditing

    c.             -----------------------------------

    d.            Foster improved organizational processes and operations
    a.            Delineate basic principles that represent the practice of internal auditing

    • b.            Provide a framework for performing and promoting a broad range of value added internal
    • auditing

    c.             Establish the basis for the evaluation of internal audit performance

    d.            Foster improved organizational processes and operations
  9. What is the purpose of the IIA’s International Standards for the Professional Practice of Internal Auditing?

    a.            Delineate basic principles that represent the practice of internal auditing

    b.            Provide a framework for performing and promoting a broad range of value added internal
    auditing

    c.             Establish the basis for the evaluation of internal audit performance

    d.            -----------------------------------
    • a.            Delineate
    • basic principles that represent the practice of internal auditing

    • b.            Provide a
    • framework for performing and promoting a broad range of value added internal
    • auditing

    • c.             Establish
    • the basis for the evaluation of internal audit performance

    • d.            Foster
    • improved organizational processes and operations
  10. What is the purpose of the IIA’s International Standards for the Professional Practice of Internal Auditing?

    a.            Delineate basic principles that represent the practice of internal auditing

    b.            Provide a framework for performing and promoting a broad range of value added internal
    auditing

    c.             ---------------------------------------

    d.            Foster improved organizational processes and operations
    • a.            Delineate
    • basic principles that represent the practice of internal auditing

    • b.            Provide a
    • framework for performing and promoting a broad range of value added internal
    • auditing

    • c.             Establish
    • the basis for the evaluation of internal audit performance

    • d.            Foster
    • improved organizational processes and operations
  11. What is the purpose of the IIA’s International Standards for the Professional Practice of Internal Auditing?

    a.            -------------------------------------

    b.            Provide a framework for performing and promoting a broad range of value added internal auditing

    c.             Establish the basis for the evaluation of internal audit performance

    d.            Foster improved organizational processes and operations
    • a.            Delineate
    • basic principles that represent the practice of internal auditing

    • b.            Provide a
    • framework for performing and promoting a broad range of value added internal
    • auditing

    • c.             Establish
    • the basis for the evaluation of internal audit performance

    • d.            Foster
    • improved organizational processes and operations
  12. What is the purpose of the IIA’s International Standards for the Professional Practice of Internal Auditing?

    a.            ------------------------------

    b.            ---------------------------------

    c.            ---------------------------------

    d.            ------------------------------------
    a.            Delineate basic principles that represent the practice of internal auditing

    • b.            Provide a framework for performing and promoting a broad range of value added internal
    • auditing

    c.             Establish the basis for the evaluation of internal audit performance

    d.       Foster improved organizational processes and operations

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