BEC Blueprint

Question 1

A1: CORPORATE GOVERNANECE

BEC section blueprint cover several topics related to corporate governance including the following:

• Knowledge of the purpose and objectives of internal control frameworks and the Enterprise risk management frameworks.
• Identifying the components and principles of internal control framework and Enterprise risk management frameworks.
• Identifying key corporate governance provisions of sarbanes-oxley act of 2002.

Answer 1

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Question 2

A2: ECONOMIC CONCEPTS & ANALYSIS

• knowledge of economic concepts and analysis that would demonstrate an understanding of the impact of business cycles on an entities industry or business operation.
• determining market influences on the business environment, such as globalization.
• determining business reasons for an underlying economic substance of, transactions and their accounting implications.
• understanding financial risk and the methods for mitigating the impact of these risk.

Answer 2

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Question 3

A3: FINANCIAL MANAGEMENT

• assessing the factors influencing a company’s capital structure, such as risk, leverage, cost of capital, growth rate, profitability, asset structure and loan covenants.
• calculating metrics associated with the components of working capital, such as current ratio, quick ratio, cash conversion cycle, turnover ratios.
• Determining the impact of business decisions on working capital.
• understanding commonly used financial valuation and decision models and applying that knowledge to the assess assumptions, calculate the value of assets and compare investment alternatives.

Answer 3

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Question 4

A4: IT

• Understanding the governance of the information technology operations of a business.
• identifying information systems that are used to process and accumulate data as well as provide monitoring and financial reporting information.
• determining whether there is appropriate segregation of duties, authorization levels and data security in an organization to maintain appropriate internal control structure.
• identifying business and operational risk inherent in an entity’s disaster recovery business continuity plan.

Answer 4

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Question 5

A5: OPERATIONS MANAGEMENT

• understanding business operations and use of quality control initiatives and performance measures to improve operations.
• application of cost accounting concepts and use of variance analysis techniques.
• Utilizing budgeting and forecasting techniques to monitor progress and enhance accountability..

Answer 5

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Question 6

ITEMS TO KNOW:

1. The committee of sponsoring organizations of treadway commission (COSO):
   - internal control
   - integrated framework
   - Enterprise risk management
   - integrating with strategy and performance.
2. Sarbanes-oxley act of 2002:
   - title 3 corporate responsibility
   - title 6 enhanced financial disclosures
   - title 8 corporate and criminal fraud accountability.white
   - title 9 collar crime and penalty enhancements.
   - title11 corporate fraud accountability

💠Current business periodicals

✳️ Current textbooks on:
Accounting information systems
Budgeting and measurement
Corporate governance
 Economics
Enterprise risk management
Finance
Management
Management information systems
Managerial accounting
Production operations

Answer 6

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Question 7

A1: CORPORATE GOVERNANECE
❇️ Internal control frameworks

🦄define internal control within the context of the coso internal control framework, including the purpose, a detectives and limitations of the framework.

🐻identify and Define the components, principles and underlying structure of the coso internal control framework

💠apply the coso internal control framework to identify entity and transaction-level risk (inherent and residual) related to an organization’s compliance, operations and reporting (internal and external, financial and non-financial) objectives.

🐥apply the coso internal control framework to identify risk related to fraudulent financial and non-financial recording, misappropriation of assets and illegal Acts, including the risk of management override of controls.

🦋 Apply the coso internal control framework to identify controls to meet an entities compliance, operations and reporting (internal and external, financial and non-financial) objectives, throughout an entity structure, from entity wide through subunits, down to the transaction level.

🐞apply the coso internal control framework to identify an appropriate mix of automated and manual application controls, (e. G., Authorization and approval, verifications, physical controls, controls over standing data, reconciliations and supervisory controls) to prevent and detect errors in transactions.

💐 Describe the corporate governance structure within an organization (tell me the top, policies, during committees, oversight, ethics, etc).

❇️Enterprise risk management (ERM) frameworks:

🌟 Define ERM within the context of the coso ERM framework, including the purpose and objectives of the framework.

🎭identify and define components, principles and underlying structure of coso ERM framework.

📖understand the relationship among risk, business strategy and performance within the context of coso ERM framework.

☯️apply the coso ERM framework to identify risk opportunities scenarios in an entity.

❇️ Other regulatory frameworks and provisions:

🌈identify and define key corporate governance provisions of the sarbanes-oxley act of 2002 and other regulatory pronouncements.

😀identify regulatory deficiencies within an entity by using the requirements associated with the sarbanes-oxley act of 2002.

Answer 7

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Question 8

A2: ECONOMIC CONCEPTS & ANALYSIS
❇️ Economic and business cycles - measures and indicators

Identify and define business cycles trough, expansion, peak, recession and conditions and government policies that impact and entities industry or operations.

is appropriate input to calculate economic measures and indicators EG nominal and real GDP, consumer Price index, aggregate demand curve, money supply, etc and apply leading, coincident and lagging indicators EG bond yields, new housing starts, personal income, unemployment, etc.

Answer 8

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