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20 Cards in this Set

  • Front
  • Back
The process implemetned by teh BoD, ,management and those under their driection to provide reasonable assurance.
internal control systems
Detering problems before they arise
prevenetive controls
discover probelms as soon as they arise
detective controls
Remedy control problems that have been discovered
corrective controls
unlike general controls, which are designed to make sure an organization's control environment is stalbe, ______ controls prent detect, and correct transaction errors and fraud
The legislation for the purpose of prenventing the bribery of foreign officals in order to obtain business
foreign correupt practices act
Designed by Robert Simons,, four levers fo control for the purpose of reducing conflict between controls and creativity
belief system, boundary styste, diagnostic contorl system, interactive control system
Out of four levers for control, this system helps top level managers with high level activities such as developing conmpany strategy, setting objectives and assessing threats...
interactive control system
called a framework of generally applicable information systtems sercurity and control practices for IT control
The Interanl Control - Integrated Framework, which defines internal controls and provides guidance for evaluating and enhancing internal control systems is issue by this committee
COSO- committee of sponsoring organizations
This framework incorporates the internal control framework and expands to include broader subjects
Enterprise risk management-ERM
The four objectives companies must meet to achieve company goals, as outlined by COSO
strategic, operational, reporting, compliance
The eight interrelated risk and control components of COSO under ERM
Internal environment, risk assessment, control activities, objective setting, risk response, information and communication, monitoring, event identification
The most important component of ERM and internal control frameworks
internal environment
one section of SOX requires this _____ _____ to be comprised entirely of outside, independent directors
audit committee
COSO defines this as "an indcident or occurrence emanating fomr interanl or external sources that afftects implementation of strategy or achievement of objectives. It can have positive or negative effects on the organization
An event
The risk that existed before any control systems are implemented
inherent risk
risk that remains after the internal controls are installed
residual risk
Three elements for segregation of accounting duties are
authorization, recording and custody
computer programs that have learning capabilities, which are quire accurate in identifying suspected fraud
neural networks