Describe essential components of enterprise risk management

Assignment Help Accounting Basics

Reference no: EM132974147

REVIEW QUESTIONS

1 Describe the essential components of enterprise risk management (ERM) as put forward by the Committee of Sponsoring Organizations of the Treadway Commission.

2. What is meant by earnings management? How do you think the concept of earnings management might have influenced the auditor's role in the audit of financial statements?

3. What does the ASX suggest should be the makeup of an audit committee?

4. Should the Internal auditor report to the chief accountant or the board of directors? Glve reasons.

5. What are the differences between the independence of an internal auditor and that of an independent auditor? How can an internal auditor be truly independent?

6. What arc the five phases of an operational audit? Briefly describe each phase.

7. Summarise the 'accountability' framework of the public sector.

8. What are the duties and powers of the Australian auditor-general?

9. When conducting a performance engagement, what are the quantitative and qualitative factors that the assurance practitioner must consider when assessing materiality and performance engagement risk?

10. What is meant by economy, efficiency and effectiveness in relation to a performance audit?

Reference no: EM132974147

Questions Cloud

Find which is an example of purchased liquidity management : Find which is an example of purchased liquidity management? Liquidating excess cash reserves./ Liquidating cash-type assets./Borrowing additional funds

What would Beauty Supply Company operating income : What would Beauty Supply Company's operating income (loss) be for January and February, respectively, using the absorption costing approach

Calculate your profit : You will pay for the shipment when it arrives in 90 days. You can sell the motherboards for $119 each. Calculate your profit

Find what would be percentage return on investment : Find what would be your percentage return on investment if you bought when rates were 12 percent and sold when rates were 10 percent?

Describe essential components of enterprise risk management : Describe the essential components of enterprise risk management (ERM) as put forward by the Committee of Sponsoring Organizations of the Treadway Commission

Make any relevant journal entries pertaining for harold : Harold's warehouse resulting in $500,000 in damages in 2010. The incident was uninsured. Prepare any relevant journal entries pertaining to 2010 for Harold.

Explain the cost of goods sold : Explain the cost of goods sold, ending inventory, and how the inventory valuation method you have chosen may impact these two factors

How much can you withdraw each month : If you have $ 1,000,000 in an annuity paying 4.5% interest compounded monthly, how much can you withdraw each month for 25 years

What role does asic have in the regulation of auditors : What does an Independent auditor do during a financial report audit and What role does ASIC have in the regulation of auditors

User Account

All Pages