Internal Controls

4. designed to fix errors after they have occurred
10. law passed by congress in response to several financial scandals in the early 2000's
11. wrongful or criminal deception intended to result in financial or personal gain
12. Part of COSO framework, foundation for all other components of internal control
13. Part of COSO framework, process that assesses the quality of the system’s performance over time
14. joint initiative to combat corporate fraud, provides framework for a company to comply with SOX
15. Part of COSO framework, identifying areas of risk and determining how risk should be managed

1. science and art of managing money
2. primary government agency responsible for enforcing federal security laws
3. designed to prevent errors
5. Part of COSO framework, Pertinent information must be identified, captured, and communicated in a form and time frame that supports all other control components
6. Part of COSO framework, policies and procedures that help ensure management directives are carried out
7. designed to find errors after they have occurred
8. comprises the plan of organization and all of the coordinate methods adopted within a business to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency, and encourage adherence to prescribed managerial policies
9. responsible unbiased person responsible for verifying the accuracy of a company's financial statements