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BEC CPA Exam Questions & Answers 2023/2024
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BEC CPA Exam Questions & Answers 2023/2024 COSO Framework assists Management and the Board of Directors by: - ANSWER-Effectively applying Internal Control Determining the requirements of an effective system Allow judgement and flexibility in the design of I/C Identify and analyze risks, and d...

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  • June 28, 2023
  • 9
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • bec cpa exam

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  • BEC CPA
  • BEC CPA

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BEC CPA Exam Questions & Answers
2023/2024
COSO Framework assists Management and the Board of Directors by: - ANSWER-Effectively applying
Internal Control

Determining the requirements of an effective system

Allow judgement and flexibility in the design of I/C

Identify and analyze risks, and develop effective responses

Eliminate redundant, ineffective, or inefficient controls

Extend I/C application beyond financial reporting



Three Objective of COSO Framework - ANSWER-Operations, Reporting, Compliance Objectives



Operations Objective - ANSWER-The effectiveness and efficiency of an entity's operations. Include
operational and financial performance goals, as well as safeguarding assets



Reporting Objective - ANSWER-Reliability, timeliness, and transparency of an entity's external and
internal financial and non-financial reporting



Financial Reporting Objective - ANSWER-- Make sure financial statements are reported fairly in
accordance with GAAP

- Present relevant and material information



Financial Reporting Risks - ANSWER-- Risk that financial statements are not in accordance with GAAP



Fraud Risk - ANSWER-- Represents risk of material misstatement as a result of fraud



Compliance Objective - ANSWER-Entity is adhering to all applicable laws and regulations



COSO Components of I/C - ANSWER-Control Environment

, Risk Assessment

Information and Communication

Monitoring

Existing Control Activities



COSO Component - Control Environment - ANSWER-Processes, structures, and standards that provide
the foundation for an entity to establish a system of I/C.

Established through "tone at the top"

-Commit to ethics/integrity

-Board independence/oversight

-Organizational structure

-Commit to competence

-Accountability



COSO Component - Risk Assessment - ANSWER-Entity's identification and analysis of risks

-Specify Objectives --> CREATES OBJECTIVES

-Identify/Analyze risks

-Consider potential fraud

-Identify/assess changes



COSO Component - Information and Communication - ANSWER-Support identification, capture, and
exchange of information in a timely/useful manner.

-Obtain and Use info

-Internal Communication

-External Communication



Obtain and Use information - ANSWER-Entity obtains/generates or and uses relevant, high quality
information to support function of I/C

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