Describe and explain in detail the importance of all FIVE (5) components of COSO

Q: etail the primary goals of FASB codification,its structure and content.

A: For nonprofit organizations, the FASB Accounting Standards Codification® is the excellent feature of…

Q: Discuss and give examples on tje 3 fundamental information system objectives

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: List and explain two important criteria that must be satisfied in order for information to be…

A: Relevant information:   Decision making process requires an understanding of a grasp of illegal…

Q: Describe the five-step decision-making process?

A: To take decision means to choose the one between so many alternatives. Decision making is a process…

Q: What are the criteria to be considered as development stage entity?

A: Development stage entity is the entity which is at the preliminary stage or set up stage.

Q: Which are the three types of reporting formats?

A: Th three types of financial reports are : 1. Balance Sheet 2. Income Statement 3. Cash Flow…

Q: What are the five components of internal control? Briefly explain each component.

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

Q: Describe the mission of the FASB.

A: Financial Accounting Standards Board (FASB): FASB is an independent 7 member board, of accounting…

Q: The five aspects of internal control are identified and described in (a). (b) Is there a single…

A: Here is the answer :

Q: Explain the three authorized controls

A:

Q: Describe the usefulness of a conceptual framework.

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: Describe about the conceptual framework coherent system of interrelated objectives and fundamentals.

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Discuss the degree to which existing empirical evidence confirm each of the 3 forms of emh

A: As per the efficient market hypothesis (EMH), stock prices exchange at a market price that…

Q: What are the five elements of an assurance engagement?

A: An assurance engagement could be a variety of assignment performed by a practician so as to specific…

Q: Name the four basic forms of cardinality.

A: Cardinality: Cardinality defines the degree of relationship between two entities which are…

Q: List all the IAS and IFRS Standards, discuss briefly their definitions, thier objective and their…

A: The Accounting standards are the set of principles and procedures to be compulsorily adopted by the…

Q: What are the 3 main sections of the CAFR?

A: CAFR is a set of financial statements for a state or other government entity that must conform with…

Q: List the four types of responsibility centers, and briefly describe each.

A: Types of Responsibility centers: 1) Cost Center 2) Revenue Center 3) Profit Center 4) Investment…

Q: Discuss and give examples on the 3 fundamental information system objectives

A:

Q: Describe the five (5) special features of performance auditing

A: Hi student Since there are multiple questions, we will answer only first question. Auditing is the…

Q: Identify three activities measures calculated by FCI.

A: Activity measures: Activity measures initially focus on how efficiently the assets are used. For…

Q: describe the steps in the fi nancial statement analysis framework.

A: Introduction: The analysis of financial statements refers to the method of reviewing and evaluating…

Q: What are the five internal control components described in the SAS 78/COSO framework?

A: Definition: Auditing: In auditing, auditors verify the correctness and fair presentation of…

Q: An information system must meet three fundamental objectives. Discuss why three objectives cannot…

A: Information System Information system refers to a set of factors or components used for data…

Q: Identify the three fundamental principles underlying GAAS.

A: Generally Accepted Auditing Standards (GAAS): Generally accepted auditing standards (GAAS) states…

Q: What is full form of PBGC? Describe about it.

A: PBGC means Pension Benefit Guarantee Corporation. This corporation is a federal agency created by…

Q: ptual Framewor

A: A conceptual framework is a written or visual representation of how variables should interact.…

Q: What are the five most important design principles for source documents

A: Answer: There is important design principles for source documents so that the documents are…

Q: Evaluate each of the seven threats to independence, giving original examples.  How are these threats…

A: It's just as necessary to ensure auditor independence as it is to ensure that sales and expenditures…

Q: Discuss the four components of the knowledge audit process highlighting clearly the purpose of each…

A: Knowledge audit is the procedure which assess as well as identify the knowledge, its use,…

Q: Describe the four basic assumptions underlying GAAP.

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Name three types/categories of external stakeholders

A: Stakeholders is the wider term, it means group of people which help to run a business successfully.…

Q: Briefly explain five basic conditions a scheme of reconstruction must fulfill.

A: Scheme of reconstruction: A Court approved an agreement between a corporation and its shareholder is…

Q: State the six transaction-related audit objectives.

A: Audit procedures: Audit procedures are the process of evaluating the quality of the financial…

Q: Which of the five disclosures is most informative? Which is least informative? Why?

A: Full disclosure: Full disclosure is an accounting principle which states that all the necessary…

Q: Explain the concepts and principles which underlie the SMEs standard

A: The concept and principle of sme standard are as follows

Q: e mechanism you should have propose

A: Developed by Central BOS, CBOS cloud business management software is connected to every department…

Q: List and define the four basic management activities.

A: Definition: Managerial accounting: Managerial accounting is a system, or a process of collecting…

Q: What are the five components of an internal control system?

A: An internal control system is referred to as a set of rules, guidelines, and policies that are…