Save
Upgrade to remove ads
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Corp Governance B1

QuestionAnswer
According to (COSO) of the Treadway Commission, which of the following components of the internal control integrated framework addresses an entity's timely reporting of identified internal control deficiencies? Monitoring. . The monitoring component of the integrated framework includes the principle that deficiencies should be investigated in ongoing and separate evaluations and that deficiencies should be reported.
Jasper International considers cash receipting and cash disbursement processes as part of their risk assessment. The consideration of processes relates to Financial Reporting Risks. The determination of what might interrupt a company's ability to present their financial statements in accordance with GAAP is financial reporting risk.
The company had an objective of increasing its sales force by 50 new staff members while maintaining staff cost at .194 cents per sales dollar. Events identified that might interfere with achievement would include all of the following, except: Product demand may fall if sporting goods become less popular.
The Sarbanes Oxley Act of 2002 requires that the financial officers of a corporation be held accountable to a code of ethics. According to the Act, codifications of ethical standards should include provisions for: Prompt internal reporting of code provisions and accountability for adherence to the code
The Committee on Sponsoring Organizations prepared the Internal Control Integrated Framework: To help businesses assess internal control.
Local tax practitioner has been asked to sit on the Board of C Corp. Astor has never had any involvement with publicly traded companies but does teach an accounting principles class at the community college. Under Sarbanes Oxley Act The Board of Directors would likely evaluate his qualifications to serve on the audit committee and be designated as a financial expert based on mix of knowledge and experience.
The Sarbanes Oxley addresses the problems related to inadequate board oversight by requiring public companies to have an Audit committee.
For the components of Enterprise Risk Management to be functioning effectively, there cannot be: Material weaknesses in internal control.
The Sarbanes Oxley Act of 2002 requires that one or more members of the audit committee be a financial expert and that the financial reports disclose: The existence of financial expert(s) on the audit committee or the reasons why the audit committee does not have a financial expert.
SOX seeks to improve investor confidence by providing greater transparency for all of the following issues, except Means and methods for balancing risk and growth.
According to the Committee of Sponsoring Organizations (COSO) of the Treadway Commission, which of the following components of enterprise risk management addresses an entity's reporting deficiencies? Monitoring component of (ERM) framework includes key elements that relate to the ongoing management activities or separate evaluations of the ERM approach adopted by the entity, including addressing reporting deficiencies
G Corp regularly produces budget vs. actual data. The company is partG Corp regularly produces budget icularly sensitive to personnel costs, and division variances of greater than five percent.unfilled positions, or if the were extraordinary overtime. Internal Control Information.
A Corp owns numerous businesses along the coast of Florida. Management has identified business interruption caused by hurricanes. Management elect to divest the company of all properties on the Florida coast. A response to potential risks is known as A response to risk that involves the disposal of a business unit, product line, or geographical segment is called risk avoidance.
According to COSO, which of the following components of enterprise risk management addresses an entity's integrity and ethical values? Internal environment
Healthcare Corp is developing their risk assessment as they plan to expand nursing home chain. The management consulted industry sources to evaluate population trends and affluence in the region as a means of evaluating both demand, the ability to pay a Event Inventory.
Kamp Sporting Goods seeks to establish a code of conduct that will communicate the "tone at the top" to all employees. The contents of the code will likely include all of the following, except Definitions of common sense approaches to software piracy to ensure that the company is competitive.
The primary benefit of having a financial expert on a company's audit committee is The enhanced level of financial sophistication of the financial expert can serve as a resource for the audit committee
The regular evaluation of transactions as part of the risk assessment component of the Committee on Sponsoring Organization's Framework reflects the principle of Financial Reporting Objectives
The Daphne Corporation evaluates employees with responsibilities for financial reporting for fulfillment of those responsibilities for compensation and promotion purposes. The company's policies support the idea that Human resources practices should be designed to facilitate effective internal control over financial reporting.
The Treadway Commission was established to study factors that lead to fraudulent financial reporting. The Treadway Commission was established by Private sponsoring organizations
The Sarbanes Oxley Act of 2002 requires that all of the following adhere to a code of ethics, except Chief Executive Officer
The criteria for evaluating the effectiveness of enterprise risk management are The components of the enterprise risk management framework.The components of the enterprise risk management framework are the criteria used to evaluate its effectiveness.
Communication by the external auditor illustrates which principle of the information and communication component of the Committee on Sponsoring Organization's Integrated Framework? External Communication
The Sarbanes Oxley Act of 2002 requires that the members of the audit committee be independent with regard to the issuer. Within the meaning of the law, which of the following corporate officers would be considered independent? Audit committee members are to be members of the issuer's BOD but also must be otherwise independent. Audit committee members may not accept compensation from the issuer for consulting or advisory services.
According to SOX, which of the following statements is correct regarding an issuer's audit committee financial expert? If an issuer does not have an audit committee financial expert, the issuer must disclose the reason why the role is not filled
Management evaluated the likelihood and impact of events on its foreign operations. The impact is estimated at $10 million without any action taken and $4 million if the company purchases a hedge instrument. The impact of the residual risk is $ 4 million The $4 million risk exposure, after management purchases the hedge, is the residual risk. Residual risk is the risk that remains after management responds to the risk.
A company that retains a CPA with the appropriate knowledge, skills and abilities to prepare timely and effective financial reporting is applying the ideas from which principle of effective internal control over financial reporting? Financial reporting competencies.
Control activities are most closely related to Control activities are the methods used to implement the response to risk. Sometimes the control activity is also, effectively, the risk response
The company elects to not only insure its properties but to "buy down" standard deductibles with additional premium. This response to potential risks is known as Acceptance.Insuring against losses or entering into joint ventures to address risk is known as risk sharing.
The estimated at $10 million without any action taken by management and $4 million if the company purchases a hedge instrument. The impact of the inherent risk of changes in foreign currency exchange on achieving company's business objectives is: $10 million.Inherent risk is the risk to an entity in the absence of any actions taken to alleviate the risk.
SOX 2002 requires that the management report on internal control include all of the following, except A statement that there are no disagreements between management and the auditor as to the effectiveness of internal controls.
The company elects to treat the potential damages from hurricanes as part of their business model. Co's response to potential risks is known as Acceptance.
The co currently achieves 83% compliance rate with the schedule and doen't expect a major increase or decrease in ridership or revenue as compliance improves to 100% but does see revenues fall significantly when buses are late more that 20% of time. The Compliance with the bus schedule would be reviewed in relation to the risk of lost ridership within tolerable compliance percentages above 80%.
According to (COSO) of the Treadway Commission, which of the following components of enterprise risk management addresses an entity's assignment of authority and responsibility? Internal environment.
The company elects to balance its portfolio of risk with property investments on the cost of other states and in Florida's interior. Co's response to potential risks is known as Reduction
Created by: 505371389
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards