5 coso components of ic - Study guides, Class notes & Summaries

Three Broad Government Spending Purposes - Answer 1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - Answer Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inherent risk 3) unique component - Budget Accounting and Procedures Act of 1950 - Answer Requires the head of each federal agency to establish and maintain I/C's. Federal Managers Financial Integ...

Solution Manual for Accounting Information Systems, 4th Edition by Vernon Richardson, Chengyee Chang, Rod Smith The COBIT 5 Framework - ANS-Describes best practices for the effective governance and management of IT: 1 Meeting stakeholder needs 2 Covering the enterprise end-to-end 3 Applying a single, integrated framework 4 Enabling a holistic approach 5 Separating governance from management **Five processes referred to as EDM (evaluate, direct and monitor) (Governance) What are t...

audit test 2 questions and answers graded A+ brainstorming PCAOB & AICPA require entire audit team to engage to identify likely risks of material mistatement wrong way to brainstorm 1 person leads and ppl rely too much on others right way to brainstorm everyone comes up with lists of fraud risk factors, can't avoid participating and show it is imporant strategic risk purpose to prevent ppl from brining weapons on plane not actually finding them - if you back up on low...

AUD Final Exam | 32 Questions and Answers

Three Broad Government Spending Purposes - 1) Current Operations 2) Capital Outlays 3) Debt Service Present Value Analysis - Three Components - Determines what $$ Rec'd in Future is Worth Today 1) inflation component - year over year loss in value 2) enterprise component - inherent risk 3) unique component - Budget Accounting and Procedures Act of 1950 - Requires the head of each federal agency to establish and maintain I/C's. Federal Managers Financial Integrity Act of 1982 (F...

ARIZONA OMSA Audit EXAM 1 Review Questions With Correct Answers. Which of the following groups is commonly thought of as a stakeholder in the financial reporting process? a) Investors b) Banks c) Labor Unions d) Customers e) All of the above - Answer e) All of the above What is an important way in which auditors help to enhance the credibility of financial reporting? a) Performing consulting services for clients b) Deterring errors in the financial statements c) Obtaining negative ...

Accounting Information Systems Questions and Answers Graded A+ What is a system? A system is an organised set of principles or procedures created and used to carry out a specific activity. What is an Accounting Information system A system that captures, records processes and reports accounting information Components of an AIS 1. People using the system 2. Procedures and instructions (For collecting, processing, and storing data) 3. Data 4. Software 5. IT Infrastructure (Com...