BEC CPA Exam | COMPLETE QUESTIONS AND ANSWERS | 2025
UPDATED | 100% RATED CORRECT| GRADED A+| GET IT CORRECT!!
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
你是想要一篇“眼睛容易
- Present relevant and material information
阅读的”中文文章
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
你是想要一篇“眼睛容易
阅读的”中文文章
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
UPDATED | 100% RATED CORRECT| GRADED A+| GET IT CORRECT!!
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
你是想要一篇“眼睛容易
- Present relevant and material information
阅读的”中文文章
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
你是想要一篇“眼睛容易
阅读的”中文文章
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
