Podcast
Questions and Answers
An auditor should assess management's philosophy and ability to identify/respond to ______.
An auditor should assess management's philosophy and ability to identify/respond to ______.
risk
What should an auditor assess when evaluating a company's risk management?
What should an auditor assess when evaluating a company's risk management?
- The company's financial statements
- The company's marketing strategy
- Management's philosophy and ability to identify/respond to risk (correct)
- The company's employee benefits plan
What percentage of fraudulent financial reporting cases involve the CEO or CFO?
What percentage of fraudulent financial reporting cases involve the CEO or CFO?
- 25%
- 50%
- 75%
- 90% (correct)
An auditor should assess management's philosophy and ability to identify/respond to ______.
An auditor should assess management's philosophy and ability to identify/respond to ______.
What is the significance of assessing management's philosophy and ability to identify/respond to risk?
What is the significance of assessing management's philosophy and ability to identify/respond to risk?
In over 340 cases of fraudulent financial reporting, the CEO or CFO was involved in almost ______% of cases.
In over 340 cases of fraudulent financial reporting, the CEO or CFO was involved in almost ______% of cases.
In over 340 cases of fraudulent financial reporting, the CEO or CFO was involved in almost ______% of cases.
In over 340 cases of fraudulent financial reporting, the CEO or CFO was involved in almost ______% of cases.
In how many cases of fraudulent financial reporting was the CEO or CFO involved?
In how many cases of fraudulent financial reporting was the CEO or CFO involved?
In what percentage of cases involving fraudulent financial reporting was the CEO or CFO involved?
In what percentage of cases involving fraudulent financial reporting was the CEO or CFO involved?
What is included in a company's governance?
What is included in a company's governance?
What is the purpose of effective governance?
What is the purpose of effective governance?
A company's governance includes organizational structure, board of directors, and ______ committee.
A company's governance includes organizational structure, board of directors, and ______ committee.
What does a company's governance include?
What does a company's governance include?
A company's governance includes organizational structure, board of directors, and ______ committee.
A company's governance includes organizational structure, board of directors, and ______ committee.
What does a company's governance include?
What does a company's governance include?
Effective governance helps ensure appropriate risk-taking and reduces ______ accounting.
Effective governance helps ensure appropriate risk-taking and reduces ______ accounting.
How does effective governance help reduce aggressive accounting?
How does effective governance help reduce aggressive accounting?
Effective governance helps ensure ______ risk-taking and reduces aggressive accounting.
Effective governance helps ensure ______ risk-taking and reduces aggressive accounting.
What is the benefit of effective governance?
What is the benefit of effective governance?
What does the SEC require public companies to disclose?
What does the SEC require public companies to disclose?
What does the SEC require public companies to disclose regarding senior management?
What does the SEC require public companies to disclose regarding senior management?
What should auditors examine regarding a company's code of ethics?
What should auditors examine regarding a company's code of ethics?
The SEC requires public companies to disclose whether they have a code of ethics for ______ management.
The SEC requires public companies to disclose whether they have a code of ethics for ______ management.
What does the SEC require public companies to disclose?
What does the SEC require public companies to disclose?
The SEC requires public companies to disclose whether they have a code of ethics for ______ management.
The SEC requires public companies to disclose whether they have a code of ethics for ______ management.
Why should auditors examine a company's code of ethics and any changes/waivers?
Why should auditors examine a company's code of ethics and any changes/waivers?
What are corporate minutes?
What are corporate minutes?
Why should auditors examine a company's code of ethics and any changes/waivers?
Why should auditors examine a company's code of ethics and any changes/waivers?
Auditors should examine the company's code of ethics and any ______/waivers.
Auditors should examine the company's code of ethics and any ______/waivers.
Auditors should examine the company's code of ethics and any changes/______.
Auditors should examine the company's code of ethics and any changes/______.
What is the purpose of reading corporate minutes during an audit?
What is the purpose of reading corporate minutes during an audit?
Information from the minutes should be followed up on to ensure ______.
Information from the minutes should be followed up on to ensure ______.
Corporate minutes are the official record of board of directors and stockholders' ______.
Corporate minutes are the official record of board of directors and stockholders' ______.
What are corporate minutes?
What are corporate minutes?
How should auditors supplement their review of minutes?
How should auditors supplement their review of minutes?
Study Notes
- An auditor should assess management's philosophy and ability to identify/respond to risk.
- In over 340 cases of fraudulent financial reporting, the CEO or CFO was involved in almost 90% of cases.
- A company's governance includes organizational structure, board of directors, and audit committee.
- Effective governance helps ensure appropriate risk-taking and reduces aggressive accounting.
- The SEC requires public companies to disclose whether they have a code of ethics for senior management.
- Auditors should examine the company's code of ethics and any changes/waivers.
- Corporate minutes are the official record of board of directors and stockholders' meetings.
- Auditors should read the minutes to obtain relevant information for the audit.
- Information from the minutes should be followed up on to ensure compliance.
- Auditors may supplement their review of minutes with inquiries to the audit committee or full board.
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Description
Test your knowledge of corporate governance and auditing with this informative quiz. Learn about the importance of assessing management's ability to identify/respond to risk, the prevalence of CEO/CFO involvement in fraudulent financial reporting, and the elements of effective governance. Explore the SEC's requirements for disclosing a code of ethics and the role of corporate minutes in the audit process. Sharpen your skills with this essential quiz for auditors and corporate professionals.
