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About this document
- Pages
- 24 pages
- Price
- $24 one-time, yours to keep
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- Format
- Subject
- Accounting, Risk Management
- Module
- Chapter 7
This quiz covers the basics of enterprise risk management and internal control. It includes true/false and multiple-choice questions on organizational governance, fraud, and the Sarbanes-Oxley Act. It is useful for students studying Chapter 7.
What's inside
- Organizational governance
- Fraud and risk management
- Sarbanes-Oxley Act
- Internal control systems
- Risk assessment and monitoring
Who it is for: Students studying accounting and risk management, especially Chapter 7. (Undergraduate)
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Summary
Enterprise Risk Management (ERM) is the process of identifying, assessing and managing risks. Students get an overview of ERM and its components, and practice with multiple choice questions.
Organizational Governance
Organizational governance is the process by which organizations set objectives, establish processes to achieve them and monitor performance. It includes management's responsibility for establishing and maintaining an adequate system of internal control.
Sarbanes-Oxley Act of 2002
The Sarbanes-Oxley Act of 2002 is a law that established new or enhanced standards for all U.S. public company boards, management and public accounting firms. It includes sections on auditor independence, corporate responsibility, enhanced financial disclosures and corporate tax returns.
Enterprise Risk Management Framework
The ERM framework includes several components. These include the internal environment, risk assessment, control activities and monitoring. Questions ask students to identify these components and their role in ERM.
Control Goals
Control goals are the objectives that internal controls aim to achieve. These include input validity, input completeness, update accuracy and update completeness. Questions ask students to identify which control goal is violated in given scenarios.
Key terms
- Enterprise Risk Management
- The process of identifying, assessing and managing risks.
- Internal Control
- The processes designed to provide reasonable assurance regarding the achievement of an organization's objectives.
- Risk Assessment
- The identification and analysis of relevant risks to the achievement of an organization's objectives.
- Control Activities
- The policies and procedures that help ensure management directives are carried out.
- Sarbanes-Oxley Act of 2002
- A law that established new or enhanced standards for all U.S. public company boards, management and public accounting firms.
- Monitoring
- The process that assesses the quality of internal control performance over time.
Questions this document helps with
- What is the role of management in establishing internal control?
- What are the components of the ERM framework?
- Which sections of the Sarbanes-Oxley Act of 2002 address corporate responsibility?
Summary written with AI from the document's text.
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