Corporate Rights, Responsibilities & Authority Flashcards
1
Q
The policies and procedures that ensure that actions are taken to address the risks related to the achievement of management objectivies
A
Control Activities
2
Q
The core or foundation of any system of Internal controls
A
Control Environment
3
Q
process of identifying, analyzing, and managing the risks involved in achieving the organization’s objectives
A
risk assessment
4
Q
5 components of Internal Control
A
Control environment Risk assessment Information & Communication Monitoring Control Activities
5
Q
3 objectives of Internal Controls
A
Operations
Reporting
Compliance
6
Q
Performance Standard (7)
A
Managing the Internal Audit Activity Nature of Work Engagement Planning Performing the Engagement Communicating Results Monitoring Progress Communicating the Acceptance of Risks
7
Q
Attribute Standard (4)
A
Purpose, Authority, Responsibility
Independence & Objectivity
Proficiency & Due Professional Care
Quality Assurance & Improvement Program
