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Exam (elaborations)

2024 AIS EXAM 1 QUESTIONS & ANSWERS 100% CORRECT

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  • 2024 AIS

2024 AIS EXAM 1 QUESTIONS & ANSWERS 100% CORRECT What are the 5 Elements of the COSO Framework - ANSWERS1) Control enviornment 2) Risk Management 3) Control Activities 4) Information & communication 5) Monitorning Control Environment - ANSWERSTone at the Top Integrity and ethical value...

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  • August 10, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • 2024 AIS
  • 2024 AIS
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2024 AIS EXAM 1 QUESTIONS &
ANSWERS 100% CORRECT

What are the 5 Elements of the COSO Framework - ANSWERS1) Control enviornment

2) Risk Management

3) Control Activities

4) Information & communication

5) Monitorning



Control Environment - ANSWERSTone at the Top

Integrity and ethical values

Board demonstrates independance from managers

develop and train competent people

includes the boundaries of acceptable behavior, importance of internal controls, and the overall culture
of the company



Risk Management - ANSWERSOrganization identifies potential for fraud

Identifies risk to internal controls

Opportunity, Rationalization, Pressure



Control activities - ANSWERSControl activities that contribute to the mitigation of risks:

Policies & Procedures: Can be- Preventative, Detective, or Corrective



Information & Comunication - ANSWERSCompany obtains or generates relevant, quality information

for the business to run effectively



What Is a business Process? - ANSWERSAn activity, or set of activities that accomplish a specific
organizational goal.

, Sales, Purchasing, payroll. Etc.



Why do we Care? - ANSWERSBecause they end up on our financial statements.

Sales= REVENUES

Purchases= Expenses,assets, liabilities

payroll= expenses, Liabilities



What types of posts are likely to be exaggerated? - ANSWERSSales, Revenues



What types of post are likely to be played down? - ANSWERSexpenses, liabilities. etc...



Managements assertions about transactions & events - ANSWERSOccurrence

Completeness

Authorization

Accuracy

Cuttoff

Classification



Occurance - ANSWERSAll transactions that have been recorded have occurred and pertain to the entity

ANYTHING a Manager might want to OVERSTATE to make financials look better.

SALES = High Occurance



Completeness - ANSWERSAll transactions that SHOULD have been recorded have been recorded.

More concerned with Understatements



Authorization - ANSWERSAll transactions and events have been properly authorized.

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