Internal Controls
Designed to provide reasonable assurance with effectiveness and efficiency, reliability of financial reporting and compliance with applicable laws and regulations
What are Internal Controls?
Control Activites
What is the third level of COSO Internal Control Mode?
What is Enron?
Aim to decrease the chance of errors and fraud before they occur
What is preventive controls?
Fifth level of COSO
What is monitoring?
Develop policies and procedures
What is Internal Controls Manager?
Designed to find errors or problems after the transaction has occurred
What are detective controls?
Information and Communication
What is the 4th level of COSO?
2002 this was created
What is the Sarbanes-Oxley Act?
Segregation of duties, Physical Controls and Reconciliations are these
What are examples if Internal Controls?
First level of COSO Internal Control Mode
Sarbanes-Oxley Act
What is creating the public company accounting oversight board?
2nd level and allows you to identify hazards in the workplace and create awareness
What is Risk Assessment?
True or False
Besides management internal and external auditors can be responsible for internal controls
What is true?