Exam (elaborations)
Internal Control over Financial ReportingInternal Control over Financial Reporting
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Internal Control over Financial Reporting
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Internal Control over Financial Reporting,Responsibilities of Management
Internal Controls over Financial Reporting - ANSWER Controls to ensure accurate
financial reporting
Section 404 Requirements - ANSWER Requirements for management's
assessment of internal controls
Management Statements - ANSWER Management's responsibility for financial
reporting controls
External Auditor Statement - ANSWER Auditor's agreement or disagreement with
management's assessment
Material Weakness - ANSWER Deficiency in internal control that may lead to
misstatements
Internal Control - ANSWER Process to provide reasonable assurance for operating,
reporting, and compliance
Objectives - ANSWER Goals of internal control: operations, financial reporting,
compliance
COSO Components - ANSWER Five components of an effective internal control
system
Control Environment - ANSWER Establishing integrity, oversight, structure,
competence, and accountability
Risk Assessment - ANSWER Identifying and analyzing risks, including fraud risk
Control Activities - ANSWER Selecting and developing control measures and
policies
Information & Communication - ANSWER Using relevant information and
communicating internally and externally
Monitoring Activities - ANSWER Ongoing evaluations and communication of
deficiencies
Judgment - ANSWER Management and board's discretion in implementing controls
Organizational Boundaries - ANSWER Management's responsibility for controls
over third-party service providers
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