Exam (elaborations)
MAC 2601 EXAM PACK 2023
- Course
- Institution
MAC 2601 EXAM PACK 2023
[Show more]
Content preview
MAC 2601 EXAM PACK 2023internal audit - (ANSWER)independent, objective assurance and consulting activity designed to
add value and improve an organization's operations. independence and objectivity, systematic
and disciplined approach
governance - (ANSWER)the process conducted by the BOD to authorize, direct, and oversee
management toward the achievement of the organization's objectives.It is the system of rules,
practices, and processes by which a company is directed and controlled.
risk management - (ANSWER)the process conducted by management to understand and deal
with uncertainties that could affect the organization's ability to achieve its objectives
control - (ANSWER)the process conducted by management to mitigate risks to acceptable levels
assurance - (ANSWER)an objective examination of evidence for the purpose of providing an
independent assessment on risk management, control, or governance processes for the
organization
consulting - (ANSWER)advisory and related client service activities, the nature and scope of
which are agreed with the client and which are intended to add value and improve an
organizations governance, risk management, and control processses without the internal auditor
assuming management responsibilities
3 components of value proposition - (ANSWER)assurance, insight, objectivity
insight - (ANSWER)Internal auditor acts as a catalyst for improving an organization's
effectiveness and efficiency by providing insight and recommendation based on analyses and
assessment of data and business processes.
, objectivity - (ANSWER)With commitment to integrity and accountability, internal auditor
provides value to governing bodies and senior management as an objective source of
independent advice.
auditing vs accounting - (ANSWER)accounting collects, classifies, summarizes and
communicates data, as well as measures and communicates business events and conditions.
auditing considers business events and conditions also but does not have the task of measuring or
communicating them. they review them for propriety. it is analytical and investigative
Risk - (ANSWER)the effect of uncertainty on business objectives; risk mgmt refers to the set of
coordinated activities to direct and control an organization to recognize opportunities while
management negative events
compliance - (ANSWER)adherence to policies, plans, procedures, laws, regulations, contracts of
other requirements
corporate governance - (ANSWER)values/goals are established and communicated,
accomplishment of goals are monitored, accountability is ensured, and values are preserved
governance umbrella - (ANSWER)board of directors up top- they have strategic direction,
governance oversight
role of the Board in Governance - (ANSWER)to identify the stakeholders of an organization,
understand the needs and expectations of the stakeholders, identify the potential outcomes that
would be unacceptable to key stakeholders
different types of outcomes - (ANSWER)financial, compliance, operations, strategic
Risk appetite - (ANSWER)Amount of risk the organization or function is willing to pursue or
accept to attain its goals
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tivakiok. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now