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Hi.
I thought it would be useful to create this thread where you can find/add mnemonics and discuss the subjects surrounding them… so please go ahead and add anything related to P1 that hasn’t already been posted.
Thanks
I have only this:
COSO provide a framework which is used to assess the effectviness of the system of internal control. It consists of 5 elements (CRIME)
1. Control activities
2. Risk assesment
3. Information and communication
4. Monitoring
5. Environment (control environment)plz hurry up and post ur mnemonics…….
I have some…………..
1. Benefits or elements of Corporate goverance-FOCUS
– provides a Framework for pursuing org startegies
-includes an Operation of appropriate and adequate internal control system with management of risks.
-increase Confidence of s/h in org and trust in fin stat
-Underpins capital market confidence into companies
-Offers safeguards to protect co’s assets and s/h interestCore principles of CG—- FIJI OPRA R
Fairness
Integrity
Judgement
Independence
Openness
Probity
Responsibilty
Accountability
ReputationCharactersitics of Principle based approach— FLAWS
Focus on objectives
Lay stress on areas where rules cant applied such as culture n s/h relationships
Applied to cross juridiction
Works on comply n explain basis
adopted where Stock market have prime role in setting standardsCharactersitics of Rule based approach- MENDO
More emphasis on definite approach
Easy to tick boxes whether comply or not
No leeway or deviation
Difficult to deal in questionable situation where not enough guidelines in rulebook
Obeying the letter of law rather than its spirit.some more…
sarbanes oxley principles—PAN AQWA OIC
Public oversight board
Auditing standards
Non audit services
Auditor and audit committee
Quality control procedures
Whistleblowers protection
Off balance sheet transactions
Internal control reporting
Corporate reportingRole of Chairman—REREFEET
Running the board
Ensure timely n accuarate info to board
Reporting in n singing off
Encourage active envolvement of all
Facilitate board appraisal
Ensure affective communication with s/h
Ensure sufficeint time allowed for controversial issues
Taking the lead in board developmentRole of CEO—-BRIBE
Business Strategy and management
Risk management
Investment and financing decisions
Board commitees
Evaluating structure of org operation n performance reviewPurpose of internal Control System—ATASAP
Acheiving orderly conduct of business
Timely preparation of reliable info
Adherence to internal policies and laws
Safeguarding assets n s’h interest
Accuracy and completeness of a/c records
Prevention n detection of fraud- Topics: 0
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Corporate Governance objectives:
PII FOR RUJCorporate Governance Principles:
Honesty/Probity
Accountability
Integrity
ResponsibilityDecision-taking/ Judgment
Reputation
Independence
Fairness
Transparency– these give you HAIR DRIFT
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Roles of a Risk Management Committee = PARMA
Providing early warning on emerging risk issue
Assesing an effectiveness of risk managem system
Reviewing reports on key risk
Monitoring risk exposure
Approvin org’s risk management strategies and policies- Topics: 0
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corporate governance objectives
JAFRI TRIP
JUDGEMENT
ACCOUNTABILITY
FAIRNESS
RESPONSIBILITY
INTEGRITY
TRANSPERANCY
REPUTATION
INDEPENDANCE
PROBITYobjective of risk committee
pet- abcbest Practices in risk management are used
obtain External advice to ensure risk up to date
Training arragements.
Advising the board
act on Behalf of the board
Communication of the risk to employeesI thought the idea of a mnemonic was that it was memorable.PAN AQWA OIC
hardly fits the bill!Hey guys, i think FREE TREE for role of committee would be bit easier to remember:
Role of Chairman—FREE TREE
Facilitate board appraisal
Running the board
Ensure timely n accuarate info to board
Encourage active involvement of allTaking the lead in board development
Reporting in n singing off
Ensure affective communication with s/h
Ensure sufficeint time allowed for controversial issuesThanks for other ones they are brilliant. However, the sarbane oxley one don’t make sense.
Thanks
Thanks.
For Sarbanes Oxley Act Principles
QWAC PIANO
Quality control procedures
Whistleblowers protection
Auditing standards
Corporate reportingPublic oversight board
Internal control reporting
Auditor and audit committee
Non-audit services
Off balance sheet transactions- Topics: 0
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very useful thnxx
- Topics: 0
- Replies: 3
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Thank u ppl… these r helpful
- Topics: 0
- Replies: 10
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Thats great !! keep sending i wanna pass from here too…
Good job guys! awesome, great last minute help in revision…! best of luck to all!
God bless…Internal Controls
OAP SPASM
Organisational Controls
• Control over the organisation structure including managers having specific
• Responsibilities and delegations tasks.Authorisation
• Controls to ensure that transactions do not proceed until an appropriate individual has given approval.
Physical
• Protection of assets against theft, unauthorised access or use.
Supervision
• Oversight of work of other individuals to ensure tasks are carried out correctly.
Personnel
• Controls in place to ensure the suitable people are employed.
Arithmetic Accounting
• Checking accounting transactions for accuracy, includes use of accounts and reconciliations (e.g. bank reconciliation).
Segregation/rotation
• Different people for each transaction to – Authorise, Record, Maintain physical custody of any assets (i.e. petty cash), pay for it.
Management Controls
• Control actions taken by management depending on the contents of reports received. Managers should be involved in the day to day supervision of staff.
Corporate Governance elements
HAIRDRIFT
Honesty/Probity
Accountability
Independence
Responsibility
Decision taking/Judgement
Reputation
Integrity
Fairness
Transparency/OpennessRole and Function of an Audit Committee
CLARISSA
rachuhi1340 said 3 weeks, 4 days ago:
P-43 of opentution Course Notes 2011-is about ROLE and Functions of an audit committee. They are stated there as follows:
. create a climate of discipline and control… C
. lend an air of credibility and objectivity…… L
. assist CFO by providing a forum A
. review financial statements to improve the quality of… R
. independent judgement I
. strengthen position of the internal auditor S
. strengthen position of the external auditor S
. assist in the resolution of disputes……………… ATypes of Stakeholders – PINKLAVR
Primary/Secondary
Internal/External
Narrow/Wide
Known/Unknown
Legitimate/Illegitimate
Active/Passive
Voluntary/Involuntary
Recognised/Unrecognisedrole of Non-Executive Directors (NED’s)= StRiP Performance
St= strategic roles
Ri= risk assessment roles
P= People’s role
Performance roleIn accordance with Higgs report
Role of Charman (Higgs report) = RAISE DIP
R= run the board
A=(ensure) active engagement by board members
I= Induction programme
S= sufficient time for complex decision
E= effective communication with shareholdersdevelopment needs of directors
I= information provided are accurate and timely
P= performance evaluation
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