Corporate Rights, Responsibilities & Authority Flashcards Preview

BEC 1001 > Corporate Rights, Responsibilities & Authority > Flashcards

Flashcards in Corporate Rights, Responsibilities & Authority Deck (7):
1

The policies and procedures that ensure that actions are taken to address the risks related to the achievement of management objectivies

Control Activities

2

The core or foundation of any system of Internal controls

Control Environment

3

process of identifying, analyzing, and managing the risks involved in achieving the organization's objectives

risk assessment

4

5 components of Internal Control

Control environment
Risk assessment
Information & Communication
Monitoring
Control Activities

5

3 objectives of Internal Controls

Operations
Reporting
Compliance

6

Performance Standard (7)

Managing the Internal Audit Activity
Nature of Work
Engagement Planning
Performing the Engagement
Communicating Results
Monitoring Progress
Communicating the Acceptance of Risks

7

Attribute Standard (4)

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