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?
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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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