process designed and effected by those charged with governance, management and other personnel to
provide reasonable assurance about the achievement of the entity's objectives with regard to reliability
of financial reporting, effectiveness and efficiency of operations, and compliance with laws a...
CMPC 312 Exam Questions| Already
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process designed and effected by those charged with governance, management and other personnel to
provide reasonable assurance about the achievement of the entity's objectives with regard to reliability
of financial reporting, effectiveness and efficiency of operations, and compliance with laws and
regulations - ANSWER-Internal Control
who defined the internal control - ANSWER-Commission of Sponsoring Organizations of the Treadway
Commission (COSO)
Organizational Objectives, except:
a) Operational
b) Growth
c) Financial Reporting
d) Compliance - ANSWER-b) Growth
effective and efficient use of the entity's resources including performance and profitability goals and
safeguarding resources against loss - ANSWER-Operational
preparation of reliable published financial statements, including prevention of fraudulent financial
reporting. - ANSWER-Financial Reporting
entity's compliance with applicable laws and regulations - ANSWER-Compliance
all the policies and procedures adopted by the management of an entity to assist in achieving
management's objective of ensuring, as far as practicable, the orderly and efficient conduct of its
business. ncluding adherence to management policies, the safeguarding of assets, the prevention and
detection of fraud and error, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information. - ANSWER-Internal Control System
, sets the tone of an organization, influencing the control consciousness of its people. - ANSWER-Control
Environment
process for identifying and responding to business risks and the results thereof - ANSWER-Risk
Assessment Process
iterative process and often is integrated with the planning process - ANSWER-Risk Identification
it might involve process analysis, such as identification of key dependencies and significant control
nodes, and establishing clear responsibility and accountability - ANSWER-Risk Analysis
consists of infrastructure, software, people, procedures, and data - ANSWER-Information System
needed at all levels of an organization to run the business, and move toward achievement of the entity's
objectives in all categories - operations, financial reporting and compliance - ANSWER-Information
involves providing an understanding of individual roles and responsibilities pertaining to internal control
over financial reporting. - ANSWER-Communication
policies and procedures that help ensure management directives and carried out - ANSWER-Control
Activities
process to assess the quality of internal control performance over time - ANSWER-Monitoring of
Controls
written description of a particular stage or procedure in a transaction cycle - ANSWER-Narrative
Memoranda/Notes
graphic illustration of the physical flow of information through the accounting system - ANSWER-
Flowcharts
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