CORPORATE GOVERNANCE AND INTERNAL CONTROL

Question 1

how often does an internal audit activity need to be assessed externally?

Answer 1

every five years.

Question 2

what are the primary themes associated with internal audit attribute standards

Answer 2

(1) Purpose, Authority, and Responsibility; (2) Independence and Objectivity; (3) Proficiency and Due Professional Care; and (4) Quality Assurance and Improvement Program.

Question 3

the 7 primary themes of the performance standards:

Answer 3

(1) Managing the Internal Audit Activity; (2) Nature of Work; (3) Engagement Planning; (4) Performing the Engagement; (5) Communicating Results; (6) Monitoring Progress; and (7) Resolution of Senior Management’s Acceptance of Risks.

Question 4

NASDAQ requires all companies have audit committees composed entirely of:

Answer 4

Independent directors who are also financially literate

Question 5

can board of directors change the articles of incorporation?

Answer 5

no, only stockholders can do that

Question 6

what is a specialist on the NYSE?

Answer 6

a NYSE member acting as a dealer in a small number of securities

Question 7

what percentage can a whistleblower get for a dodd-frank award?

Answer 7

10% and 30% of sanctions imposed