BEC CPA EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
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Course
BEC CPA
Institution
BEC CPA
COSO Framework assists Management and the Board of Directors by: - ACCURATE ANSWERS Effectively applying Internal Control
Determining the requirements of an effective system
Allow judgement and flexibility in the design of I/C
Identify and analyze risks, and develop effective responses
Eliminat...
BEC CPA EXAM QUESTIONS
BEC CPA EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
COSO Framework assists Management and the Board of Directors by: -
ACCURATE ANSWERS✔✔ Effectively applying Internal Control
Determining the requirements of an effective system
Allow judgement and flexibility in the design of I/C
Identify and analyze risks, and develop effective responses
Eliminate redundant, ineffective, or inefficient controls
Extend I/C application beyond financial reporting
Three Objective of COSO Framework - ACCURATE ANSWERS✔✔
Operations, Reporting, Compliance Objectives
, Operations Objective - ACCURATE ANSWERS✔✔ The effectiveness
and efficiency of an entity's operations. Include operational and financial
performance goals, as well as safeguarding assets
Reporting Objective - ACCURATE ANSWERS✔✔ Reliability,
timeliness, and transparency of an entity's external and internal financial
and non-financial reporting
Financial Reporting Objective - ACCURATE ANSWERS✔✔ - Make
sure financial statements are reported fairly in accordance with GAAP
- Present relevant and material information
Financial Reporting Risks - ACCURATE ANSWERS✔✔ - Risk that
financial statements are not in accordance with GAAP
Fraud Risk - ACCURATE ANSWERS✔✔ - Represents risk of material
misstatement as a result of fraud
Compliance Objective - ACCURATE ANSWERS✔✔ Entity is adhering
to all applicable laws and regulations
COSO Components of I/C - ACCURATE ANSWERS✔✔ Control
Environment
Risk Assessment
Information and Communication
Monitoring
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