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cma course p1 : unit17

cma course part 1 :  lectures and some questions about each unit

MR:amr taison
MR:mohamed cma
MR:desoky kh.
MR:m.batayneh
(17.1) Corporate Governance and Regulations Relating to Internal Control
1) Definition of Corporate Governance
2) Governance Practices
3) Governance in Corporations
4) Corporate Governance Process
5) Internal Control
6) Foreign Corrupt Practices Act
7) Sarbanes-Oxley Act
8) Sarbanes-Oxley Section 201
9) Sarbanes-Oxley Section 203
10) Sarbanes-Oxley Section 204
11) Sarbanes-Oxley Section 302
12) Sarbanes-Oxley Section 407
13) Audit Approaches
14) Audit Opinions
MR:mohamed cma
MR:m.batayneh
(17.2) Risk and Internal Control
1) The Assessment and Management of Risk
2) Objectives of Internal Control
3) Roles and Responsibilities Regarding Internal Control
4) Flowcharting
5) PCAOB Approach
6) COSO Framework
7) Components of Internal Control
8) Control Environment
9) Risk Assessment
10) Control Activities
11) Information and Communication
12) Monitoring Activities
13) Relationship of Objectives, Components, and Organizational Structure
G.2020G.2021mr.amro taison
13.117.1lec. 27
13.217.2lec. 25,26
Some Questions about unit 17
1- What is governance?
Governance is a combination of procedures, processes, policies and people, these components help to ensure that the company implements the plans properly and efficiently to achieve its objectives
2- What are the two major components of governance?
1) Strategic direction
2) oversight
3- What does the strategic direction determine?
a) The business model
b) Overall objectives
c) The approach to risk taking
d) The limits of organizational conduct.
4- What is the governance practices reflection ?
Governance practices reflect the unique culture of the organization and rely heavily on it to achieve the necessary effectiveness.
5- What is the role of the risk committee?
1) Identifies key risks
2) Connects them to risk management processes
3) Delegates them to risk owners
4) Determines the consistency of tolerance levels (delegated to risk owners) with the organization's risk appetite
6- Why does the company establish Internal Control?
The organization establishes an internal control system to use this system in managing many of the risks that the company faces.
7- What are the audit approaches?
1) Substantive procedures (bottom-up)
2) Balance sheet
3) Systems-based
4) Risk-based (top-down)
8- What is Sarbanes-Oxley Act?
This act contains certain provisions, which would impose new responsibilities on the issuers (public companies) and the auditors of those companies. The act created the Public Company Accounting Oversight Board (PCAOB), which sets and shows auditing standards for registered public accounting firms to apply in issuers audits.
9- What are the four types of audit opinions of the external auditor?
1) Unmodified opinion
2) Qualified opinion
4) Adverse opinion
4) Disclaimer of opinion
10- The risks that a company may face take many forms, such as...?
* Hacking the university system and changing grades
* The CEO can give a bribe in order to achieve a specific purpose
* Expropriation of company property may be done if a coup d'etat takes place against the state government
* Long-term projects can become unprofitable due to interest rate change
* Accounts Payable clerk can change the result of the accounts by creating fake sellers and selling goods that nonexistent in the company
11- What is risk assessment?
Risk assessment: is the process by which management identifies the weaknesses of the organization.
12- What is the AICPA Audit Risk Model? (Types of Risk)
1) Inherent risk (IR)
2) Control risk (CR)
3) Detection risk (DR)
4) Total audit risk (TR)
13- What are the objectives of internal control?
1) Operations: operations objectives relate to achieving the mission of the company
2) Reporting: for making sound decisions, it requires the availability of reliable, timely and transparent financial information.
3) Compliance: the minimum standards of conduct are determined by the laws and rules that the company adheres to
14- What is Flowcharting?
It is the use of pictorial symbols in order to represent a process, and its benefits include the following:
* Flowcharts help to understand, evaluate and document internal control and develop systems
* Flowcharts help to identify strengths and weaknesses in internal controls.
15- What is the definition of internal control according to COSO model?
Internal control is a process effected by the board of directors, management, and other employees, that is designed to provide reasonable (but not absolute) assurance regarding the achievement of objectives relating to operations, reporting and compliance.
16- What are the components of Internal Control?
1) Control environment
2) Risk assessment
3) Control activities
4) Information and communication
5) Monitoring
17- What is "CRIME"?
It is a tool that helps to remember the COSO components of internal control, grouped into "C R I M E" as the following:
C: Control activities
R: Risk assessment
I: Information and communication
M: Monitoring
E: Control environment
18- What are the five principles relate to the control environment?
1) Integrity and ethical values
2) Oversight
3) Structures, reporting lines, and appropriate authorities and responsibilities.
4) Commitment to attract, develop, and retain competent individuals
5) Accounting organization for individuals
19- What are the contents of strategies for risk response?
1) Risk avoidance
2) Risk retention
3) Risk reduction
4) Risk sharing
5) Risk exploitation
20- What are the three principles relate to control activities?
1) Selection and development of oversight activities
2) Selection and development of control activities
3) Deployment of control activities through policies and procedures
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