Corporate Governance

Question 1

Does SOX require a code of ethics for companies?

Answer 1

No, only to report if one has been adopted

Question 2

Bounty Range

Answer 2

10%-30%

Question 3

SOX retaliate relates to a whistelblower regarding what type of offense?

Answer 3

Any Federal Offense

Question 4

What is the threashold to automatically provide for bounty provisions?

Answer 4

$1 million in sanctions

Question 5

A well controlled systems balances what and includes what else?

Answer 5

Balance preventive and detective controls, and adds corrective when needed

Question 6

Passive Controls are related to what type of controls?

Answer 6

Preventative

Question 7

Active Controls are related to what type of controls?

Answer 7

Dectective

Question 8

Are detective or preventive controls more costly?

Answer 8

Detective

Question 9

A daily backup is what type of control? (Detective, Corrective, Preventive)

Answer 9

Corrective

Question 10

How do control objectives differ between manual and computerize environments?

Answer 10

They don’t

Question 11

COSO Elements of Internal Control

Answer 11

Control Activities
Risk Assessment
Information and Communication
Monitoring
Control Envrionment

Question 12

Elements of Control Environment (5)

Answer 12

Integrity and ethics
Board of Directors
Management
Competence
Accountability

Question 13

Elements of Risk Management (4)

Answer 13

Objectives
Assessment
Fraud
Change Management

Question 14

Elements of Control Activities (3)

Answer 14

Risk Reduction
Tech Controls
Policies

Question 15

Elements of Information and Communication (3)

Answer 15

Quality
Internal
External

Question 16

Elements of Monitoring (2)

Answer 16

Ongoing and Periodic

Address Deficiencies

Question 17

Why objectives of COSO ERM (4)

Answer 17

Strategic
Operations
Reporting
Compliance

Question 18

Where objectives of COSO ERM (4)

Answer 18

Entity - Level
Division
Subsidiary
Business Unit

Question 19

Additional What objectives for COSO ERM (3)

Answer 19

Objective Setting
Event Identification
Risk Response

Question 20

Expected Value of Loss equation

Answer 20

EV = likelihood x amount

Question 21

3 qualities of Reliable Info

Answer 21

Accurate
Verifiable
Objective source

Question 22

3 qualities of Suitable Info

Answer 22

Relevant
Reliable
Timely

Question 23

The monitoring for change process that would include ongoing and separate evaluations intended to identify and address changes in internal control effectiveness

Answer 23

Change Identification

Question 24

3 major steps in Control Monitoring

Answer 24

Establish Foundation
Design and Execute
Assess and Report

Question 25

IIA's Attribute Standards (4)

Answer 25

Purpose, Authority, and Responsibility Independence and Objectivity Proficiency and Due Professional Care Quality Assurance and Improvement Program

Question 26

IIA's Performance Standards (7)

Answer 26

``` Managing the Internal Audit Activity Nature of Work Engagement Planning Performing the Engagement Communicating Results Monitoring Progress Resolution of Senior Management's Acceptance of Risks ```