BEC Corporate Governance review 12
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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.
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.
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.
What are key controls
- Key controls are controls that significantly
- reduce the chance of material misstatement, fraud or error
What is Risk Strategy?
Risk strategy is how an entity responds to
What is Risk Appetite?
- An entity’s risk appetite is the degree of risk
- or uncertainly it is willing to accept.
What is Enterprise risk management?
- Enterprise risk management is a process of
- managing risk across a company taking to consideration the company’s risk
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
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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