100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
2024 AIS EXAM 1 QUESTIONS & ANSWERS 100% CORRECT $8.49   Add to cart

Exam (elaborations)

2024 AIS EXAM 1 QUESTIONS & ANSWERS 100% CORRECT

 5 views  0 purchase
  • Course
  • 2024 AIS
  • Institution
  • 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...

[Show more]

Preview 2 out of 8  pages

  • August 10, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • 2024 AIS
  • 2024 AIS
avatar-seller
Bensuda
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.

Credit check

Shipment of goods

Setting Price Includes freight & terms

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Bensuda. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $8.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79271 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$8.49
  • (0)
  Add to cart