BEC Corporate Governance review 12

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Joens1313
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298697
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BEC Corporate Governance review 12
Updated:
2015-03-18 23:16:14
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BEC Corporate Governance review 12
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BEC Corporate Governance review 12
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  1. What are tertiary controls?
    • tertiary controls are activities that are not particularly important to the mitigation
    • of risk and little reliance is placed on them.
  2. What are secondary controls?
    • secondary controls are activities that contribute to the mitigation of risk and the
    • ultimate achievement of one or more financial reporting assertions, but are not
    • considered as important as primary controls.
  3. What are primary controls?
    • Primary controls are activities that are critical to mitigation of risk and the
    • ultimate achievement of one or more financial reporting assertions for each
    • significant account balance, class of transactions, and disclosure that is
    • considered a priority financial reporting element.
  4. What are key controls
    • Key controls are controls that significantly
    • reduce the chance of material misstatement, fraud or error
  5. What is Risk Strategy?
    Risk strategy is how an entity responds to
  6. What is Risk Appetite?
    • An entity’s risk appetite is the degree of risk
    • or uncertainly it is willing to accept.
  7. What is Enterprise risk management?
     

    • Enterprise risk management is a process of
    • managing risk across a company taking to consideration the company’s risk
    • appetite.
  8. what are performance standards?
    • the performance standards describe the nature of internal auditing and provide
    • quality criteria against which the performance of these services can be
    • measured.
  9. What is an internal audit charter?
    • a formal document that defines the internal audit activity’s purpose, authority,
    • and responsibility.  It also establishes
    • the internal audit activity’s position in the organization.

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