Corporate Governance And Internal control Flashcards
A financial expert should have the following qualities
Understanding of GAAP and FS
Experience preparing or auditing FS
Experience with internal controls
Understanding of audit committee functions
Awards under the Dodd-Frank are between
10 to 30%
The Dodd-Frank did the following for whistle blowers
Extended time to file a complaint with OHSA from 90 to 180 days
Extended the right to sue to whistleblowing employees
It granted whistleblowers the right to a jury trial in retaliation case
It is a crime to punish a whistleblower for any
Federal offense
Sox did not provide whistleblowers with the right to sue immediately in federal court so who
Dood Frank did
Sanctions imposed must be greater than $1M to qualify for a
Bounty
Corrective controls allows a user to
Recover from a problem identified
Stopping errors and irregularities from occurring is a
Preventive control
To provide results of operations or activities is a
Feedback control
To determine that a problem or error has occurred is a
Detective control
A general control for a computerized system is
Restricting access to the computer center
Types of detective controls are
Contingency planning (detective and corrective)
Hash total
Echo check
Review of an audit is a
Detective control
A financial expert des not have to be on the
Company’s compensation committee
