BEC CPA, CPA (BEC) - Combined Questions and Answers A+ Credited

BEC CPA, CPA (BEC) - COMBINED QUESTIONS AND ANSWERS A+ CREDITED Principals-based approach of COSO framework Management judgment 3 objectives of COSO R-reporting objectives (reliability, timeliness, transparency) O-operating objectives (effectiveness and efficiency) C-compliance objectives (adhering to laws and regulations) 5 Components of COSO Framework 1. Control Environment 2. Risk Assessment 3. Control Activities 4. Information and Communication 5. Monitoring Control Environment (EBOCA) Ethics Board independence and oversight Org. structure Commitment to competence Accountability Risk Assesment (SAFR) Specify objectives Assess and identify changes Fraud potential Risk (analyzed) Information and Communication (OIE) Obtain and use information Internally communicate information External parties communication Monitoring (So D) Separate/ongoing evaluations Deficiencies communicated Existing Control Activities (CA T P) Control Activities Technology controls Policies and procedures