Internal Controls
SOX
Internal Controls part 2
Companies in the News
Company Scandals
100
What is the Account Reconciliation system used at DuPont?
What is Blackline?
100
In 2002 in response to fraudulent accounting practices in the early 2000s what legislation was passed to protect investors through strict reforms to financial disclosures?
What is the Sarbanes-Oxley Act?
100
In internal Controls DOA does not stand for Dead on Arrival. What does it stand for?
What is Delegation of Authority?
100
Name of the company hacked allegedly by North Korea for creating the movie, "The Interview"
What is Sony?
100
A now defunct American energy, commodities, and services company that through corruption, accounting and corporate fraud lead to the creation of the Sarbanes-Oxley Act of 2002?
What is Enron?
200
What may be able to prevent a set of activities that together may enable errors or fraud?
What is segregation of duties?
200
For publicly traded companies who's signatures are required on the quarterly and annual reports?
Who is the CEO and CFO?
200
What does ICSM stand for?
What is Internal Controls Standards Manual?
200
Name of the retail company that pulled out of its international operations after it failed to successfully expand into Canada
What is Target?
200
Due to accounting fraud in the early 2000s what big 5 firm was dissolved?
What is Arthur Anderson?
300
What entity defines Internal controls as a process, effected by an entity’s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance.
What is COSO?
300
Who at DuPont has an effect on the internal controls within a business?
Who is everyone?
300
For Segregation of Duties there are three key duties that should be kept separate. Two of the three are Custody of Assets and Authorization of transactions what is the third?
What is Recording (or reporting) related transactions?
300
This company merged with Tim Horton's to become a Canadian company avoiding more than $10 million dollars in taxes
What is Burger King?
300
Who started a wall street investment firm that tricked investors out of $64.8 billion by pay investors with money from other investors or from their own money rather than from profits?
Who is Bernie Madoff?
400
The Committee of Sponsoring Organizations (COSO) states that an effective system of internal controls consist of how many interrelated components?
What is 5? Control Environment Risk Assessment Control Activities Information and Communication Monitoring
400
At DuPont, the SOX management evaluation is a bi-annual management review. In what months do the two evaluation periods take place?
What is May and November?
400
These employees are responsible for Coordinating the SOX evaluation, consulting on internal control guidance, providing internal controls training, and so much more.
Who are Internal Control Specialists/SOX coordinators?
400
This e-commerce giant had the largest IPO in 2014, raising $25 billion as the stock debuted on the New York Stock Exchange
What is Alibaba?
400
What Telecommunications company inflated assets by $11 billion by capitalizing rather than expensing line costs, and inflating revenues by creating fake accounting entries?
What is Worldcom?
500
How many controls are in the DuPont ICSM?
What is ~800?
500
What Section of the Sarbanes-Oxley Act refers to the Management Assessment of Internal Controls
What is Section 404?
500
In the ICSM how many separate sections are there?
What is 12?
500
This company announced 79 recalls in 2014, a move that cost the company billions of dollars.
What is General Motors (GM)?
500
Non compliance with auto emissions standards led to a plunging share price, resignation of the companies CEO, and billions of dollars in fines for which company?
What is Volkswagen
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