The purpose of this assignment is to help you develop your skills in evaluating ICFR and some of its detailed aspects. For this assignment, post your comments to the following questions:\\n\\nWhat is the connection between the Sarbanes Oxley Act and an internal control framework? \\nThe COSO framework identifies "a commitment to ethics & integrity" as an important element of a company's control environment (i.e. company culture). Please list at least 4 control activities (I'm not looking for definitions of ethics or integrity or statements of values or philosophy), but specific company practices, procedures, and/or actions that demonstrate it has a highly effective "ethical culture" as it relates to Internal Control over Financial Reporting (ICFR).\\nSegregation of duties (SOD) is an important control. Answer the following:\\nDescribe what SoD entails. Is SoD a preventive, detective, or corrective, or all three types of control?\\nDiscuss what risk(s) this control mitigates.\\nProvide an example of SoD.\\nAre there any "compensating" controls that could or would work in place of segregation of duties?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

a

The purpose of this assignment is to help you develop your skills in evaluating
ICFR and some of its detailed aspects. For this assignment, post your comments to
the following questions:\\n\\nWhat is the connection between the Sarbanes Oxley
Act and an internal control framework? \\nThe COSO framework identifies "a
commitment to ethics & integrity" as an important element of a company's control
environment (i.e. company culture). Please list at least 4 control activities (I'm not
looking for definitions of ethics or integrity or statements of values or philosophy),
but specific company practices, procedures, and/or actions that demonstrate it has
a highly effective "ethical culture" as it relates to Internal Control over Financial
Reporting (ICFR).\\nSegregation of duties (SOD) is an important control. Answer
the following:\\nDescribe what SoD entails. Is SoD a preventive, detective, or
corrective, or all three types of control?\\nDiscuss what risk(s) this control
mitigates.\\nProvide an example of SoD.\\nAre there any "compensating" controls
that could or would work in place of segregation of duties?
Transcribed Image Text:The purpose of this assignment is to help you develop your skills in evaluating ICFR and some of its detailed aspects. For this assignment, post your comments to the following questions:\\n\\nWhat is the connection between the Sarbanes Oxley Act and an internal control framework? \\nThe COSO framework identifies "a commitment to ethics & integrity" as an important element of a company's control environment (i.e. company culture). Please list at least 4 control activities (I'm not looking for definitions of ethics or integrity or statements of values or philosophy), but specific company practices, procedures, and/or actions that demonstrate it has a highly effective "ethical culture" as it relates to Internal Control over Financial Reporting (ICFR).\\nSegregation of duties (SOD) is an important control. Answer the following:\\nDescribe what SoD entails. Is SoD a preventive, detective, or corrective, or all three types of control?\\nDiscuss what risk(s) this control mitigates.\\nProvide an example of SoD.\\nAre there any "compensating" controls that could or would work in place of segregation of duties?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education