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5 Cards in this Set
- Front
- Back
Control Environment
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Acitions, policies, and procedures that reflect the overall attitude of top management, directors, and ownwers of an entity about internal control and its importance
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Risk Assessment
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Management's identification and analysis of risks relevant to the prepartion of financial statements in accordance with GAAP
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Control Activities
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Policies and procedures that management has established to meet its objectives for financial reporting
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Information and Communication
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Methods used to initiate, record, process, and report an entity's transactions and to maintain accountability for related assets
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Monitoring
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Management's ongoiong and periodic assessment of the quality of internal control performance to determine whether contorls are operating as intended and are modified when needed
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