Put a SOX in it
Enron, WorldCom, and Tyco International all have this in common.
Which are the three companies that had scandals that led to SOX?
A report used by management in the operation of a key control
What is a key report?
ITGC is an acronym for this
What is Information Technology General Control?
The preparer of the financial statements who is also responsible for establishing and maintaining an adequate internal control structure
Who is management?
Rationalization, Pressure, Opportunity are three elements of this?
What is the fraud triangle?
SOX Section 806; protection for employees of publicly traded companies who provide evidence of fraud
What is whistleblower protection?
Service organization report over design and operating effectiveness over a period of time
What is a SOC1 Type 2?
RCM stands for this
What is Risk & Controls Matrix?
When providing a screenshot of report parameters, you are evidencing these 2 assertions.
What are Completeness & Accuracy?
The mechanisms, rules and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud
What are internal controls?
Control Environment, Risk Assessment, Control Activities, Information and Communication and Monitoring are the five components of this framework
What is the COSO Framework?
Change management, Program/Systems development, Information Security (Logical and Physical access) and Computer operations are domains that make up this foundation.
What are ITGCs?
COSO is an acronym for this audit related group
What is the Committee of Sponsoring Organizations?
When physically confirming that an asset on the fixed asset listing is still in the possession of Avid, you are addressing this assertion.
What is Existence?
The party responsible for implementing corporate governance and control procedures to minimize the risk of fraud
Who is management?
SOX Section 906 provides for upwards of $5 million in fines and 20 years in prison for managers who do this
What is the certifying a misleading or fraudulent financial report?
The threshold above which missing or incorrect information in financial statements is considered to have an impact on the decision making of users
What is materiality?
FASB is an acronym for this
What is the acronym for Financial Accounting Standards Board?
When confirming that an asset on the fixed asset listing has not been impaired, you are addressing this assertion.
What is Valuation?
Management and the board of directors are responsible for setting this for ethical behavior in a company
What is tone at the top?
Financial reporting and internal control are two aspects of business under this section.
What two aspects of business are the CEO and CFO responsible for under Section 302?
All PCAOB rules and standards must be approved by this government agency
What is the SEC?
IFAC is the acronym for this group
What is the International Federation of Accountants?
When performing what is known as "sheet to floor" and "floor to sheet" testing as part of an inventory count, you are covering these 2 assertions.
What are Completeness and Existence?
Intentional misrepresentation of material facts upon which a person relies with resulting injury or damage legally defines this
What is fraud?