6.2 Regulatory Requirements

Question 1

Corporate Governance

Answer 1

The processes through which corporations are controlled through the distribution of rights & responsibilities

Question 2

SOX 2002, section 404

Answer 2

Must report on the strength of a company’s internal controls in relation to financial reporting

Question 3

COSO RE section 404

Answer 3

Est. an internal control model with (5) components:
the control environment, risk assessment, info + communications, control activities, monitoring

• is accepted as a standard for obtaining SOX compliance

Question 4

COBIT RE section 404

Answer 4

Assesses the effectiveness of IT management and governance - is a link to help IT goals to business goals
IT governance is a subset of corporate governance