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20 Cards in this Set
- Front
- Back
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The process implemetned by teh BoD, ,management and those under their driection to provide reasonable assurance.
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internal control systems
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Detering problems before they arise
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prevenetive controls
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discover probelms as soon as they arise
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detective controls
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Remedy control problems that have been discovered
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corrective controls
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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
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application
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The legislation for the purpose of prenventing the bribery of foreign officals in order to obtain business
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foreign correupt practices act
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Designed by Robert Simons,, four levers fo control for the purpose of reducing conflict between controls and creativity
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belief system, boundary styste, diagnostic contorl system, interactive control system
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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...
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interactive control system
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called a framework of generally applicable information systtems sercurity and control practices for IT control
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COBIT
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The Interanl Control - Integrated Framework, which defines internal controls and provides guidance for evaluating and enhancing internal control systems is issue by this committee
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COSO- committee of sponsoring organizations
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This framework incorporates the internal control framework and expands to include broader subjects
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Enterprise risk management-ERM
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The four objectives companies must meet to achieve company goals, as outlined by COSO
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strategic, operational, reporting, compliance
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The eight interrelated risk and control components of COSO under ERM
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Internal environment, risk assessment, control activities, objective setting, risk response, information and communication, monitoring, event identification
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The most important component of ERM and internal control frameworks
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internal environment
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one section of SOX requires this _____ _____ to be comprised entirely of outside, independent directors
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audit committee
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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
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An event
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The risk that existed before any control systems are implemented
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inherent risk
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risk that remains after the internal controls are installed
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residual risk
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Three elements for segregation of accounting duties are
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authorization, recording and custody
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computer programs that have learning capabilities, which are quire accurate in identifying suspected fraud
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neural networks
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