Basics
Internal Audit is this line of defense.
What is the 3rd line of defense.
We use this model for evaluating internal controls.
What is COSO?
Controls are designed to do this.
What is mitigate risk?
These are the audit phases we use.
What is Design and Evaluation, Operating Effectiveness, and Roll Forward?
This is the acronym for the criteria we use to evaluate action plans.
What is SMART?
This governing body sets the deadline for public company financial statement reporting.
What is the Securities Exchange Commission (SEC)?
Insider trading is an example of a criminal enhancement under what SOX section?
What is 902?
Inherent risk is determined by these two factors.
What is impact and likelihood?
We use these benchmarks to determine materiality.
What are Total Assets, Net Revenue, and Loss Before Income Tax?
Reporting happens when?
What is continuously?
IPO Readiness projects support this IA priority.
What is Strengthen Uber’s financial integrity?
This is the year the Sarbanes-Oxley Act was passed.
What is 2002?
These are three ways inherent risk can be mitigated.
What is accept, control, avoid?
We utilize this method of sample selection.
What is haphazard?
Mergers, Acquisitions and Divestitures is an example of this type of risk.
What is strategic?
AS1101 is the standard for this area.
What is Audit Risk?
The CEO and CFO have this many days to evaluate of the internal control effectiveness as of date prior to the report.
What is 90 days?
Review of Xchange Leasing India financial statement flux analysis is an example of this type of control?
What is a management review control (MRC)?
A review of OFAC hits for each vendor is an example of this type of aggregation.
What is low?
When performing OE validation, the remediation sample size should equal this.
What is the original sample size?
This framework is the authoritative guidance of internal auditors.
What is the International Professional Practices Framework (IPPF)?
SOX is also know as this act.
What is the Corporate Responsibility Act of 2002?
A company owned server recorded as a receivable and at cost, not net book value affects this assertion.
What is presentation and disclosure?
These are the 4 elements of a gap.
What are condition, criteria, root cause, and effect?
This is the number of instances a remediated weekly controls should be in operation.
What is 5?