Exam (elaborations)
CPA BEC Exam (1)
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Exam of 25 pages for the course CPA BEC Series-M at CPA BEC Series-M (CPA BEC Exam (1))
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CPA BEC ExamObjectives - ANS-ORC
Operations
Reporting
Compliance
Internal Control Components - ANS-CRIME
Control Environment
Risk Assessment
Control Activities
Information and Communication
Monitoring Activities
Organizational Structure - ANS-EDOF
Entity Level
Division
Operating Unit
Function
Control Environment - ANS-EBOCA
Ethical
Board independent
Org structure
Commitment to competence
Accountability
Risk Assessment - ANS-SAFR
Specify objectives
Assess Changes
Fraud potential
Risk analysis
Information & Communication - ANS-OIE
Obtain and use information
Internally communicate information
External party communication
Monitoring Activities - ANS-SOD
Separate Ongoing evaluations
Communication of Deficiencies
,updating mission and vision as internal controls
Existing Control Activities - ANS-CATP
Control Activities selected and developed
Technology controls
Policies and procedures
Components of ERM - ANS-GO PRO (5 components)
Governance and culture
strategy and Objective-setting
Performance
Review and Revision
information, communication and reporting Ongoing
Principles of ERM - ANS-DOVES SOAR VAPIR SIR TIP (20 principles)
ERM principles of Governance and Culture - ANS-DOVES
defines Desired culture
exercises board Oversight
demonstrates commitment to core Values
attracts, develops and retain capable Employees
establishes operating Structure
ERM principles of Strategy and Objective-setting - ANS-SOAR
evaluates alternative Strategies
formulates business Objectives
Analyzes business context
defines Risk appetite
ERM principles of Performance - ANS-VAPIR
develops portfolio View
Assesses severity of risk
Prioritizes risk
Identifies risks (events)
implements risk Responses
ERM principles of Review and Revision - ANS-SIR
assesses Substantial change
pursues Improvement in ERM
Reviews risk and performance
ERM principles of Information, Communication, and Reporting Ongoing - ANS-TIP
leverages information and Technology
communicates risk Information
, reports on risk, culture and Performance
Principles based approach - ANS-requires management judgement
COSO Framework Document - ANS-COPS
Component evaluation
Overall assessment
Principal evaluation
Summary of IC deficiencies
Developing Value - ANS-CPER
Creation
Preservation
Erosion
Realization
Mission, Vision and Core Values - ANS-Mission - why
Vision - what
Core Values - how
Definition of ERM - ANS-CCPIS - to manage risk and create value
Culture (core values)
Capabilities
Practices
Integration with Strategy-setting and performance (mission and vision)
Frequency/likelihood by Severity(impact) chart (ARTS) - ANS-High F by High S - Avoid
High F by Low S - Reduce
Low F by High S - Transfer (buy insurance - share)
Low F by Low S - Self-insure (accept - chosen industry)
SOX Title III - Corporate Responsibility - ANS-Audit Committee:
no compensation
not related to issuer
otherwise indep
responsible for auditor
auditor reports to them
responsible for resolving issues between mgt and auditor
establish whistleblower hotlines
CEO/CFO representations:
internal control is their responsibility
evaluated IC in 90 days prior
they include conclusions about IC effectiveness
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