1
Q
10K
A
must include report on effectiveness of internal control
2
Q
SOX
A
must disclose significant Internal Control deficiencies
3
Q
coso framework - internal control
Promotes
Reliable Financial Reporting
Effective and Efficient Operations
Compliance
A
CRIME
control activities risk mgmt info and communication monitor control environment
4
Q
control environment
A
Control Environment Commitment to Integrity Exercise Oversight Responsibility Establish Structure and Authority Commitment to Competence Accountability
CHOPPER
Commitment to competence HR policies Organizational structure Philosophy of mgmt Participation of governance Ethics and integrity Responsibility assignment
5
Q
Management is responsible for the establishment and maintenance of Internal controls. We want Reasonable assurance that Internal controls are achieving certain
A
Objectives (ACE):
Accurate and Reliable financial reporting
Compliance with laws and regulations
Effectiveness and efficiency of operations
