AIS FINAL ACCT 3222 LSU BUSLEPP ACTUAL 2025/2026 UPDATED

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AIS FINAL ACCT 3222 LSU BUSLEPP ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS What is COSO? - Answer -It is an independent private-sector initiative that was created to study the casual factors that can lead to fraudulent financial reporting What is the 1992 Internal Controls - Integrated Framework? - Answer -COSO's attempt to establish a common definition and standard that can serve all parties to catch the factors that lead to fraudulent financial reporting. What are the 5 integrated components of the COSO framework? - Answer -1. Control Environment 2. Risk Assessment 3. Control Activities 4. Information & Communication 5. Monitoring Activities What is control environment? - Answer -Set of standards, processes, and structures that provide the basis for carrying out internal control across the organization. Board of directors sets the tone at the top Control impacts risk assessment, control activities, information&communication, and monitoring What are the control environment values? - Answer -1. Commitment to integrity and values 2. Board of directors demonstrates independence from management 3. A commitment to attract, develop, and retain competent individuals Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com 4. Management establishes organizational structures and accountability 5. Hold individuals accountable What are some examples of commitment to integrity and ethical values? - Answer -Does management push unrealistic sales and earnings members? Is management dominated by one person? Is it clear that illegal or unethical behavior is not tolerated? Is there a written code of conduct? What is a board of directors? - Answer -An elected group of individuals that represent shareholders. Sets corporate management and oversight policies. What is an audit committee - Answer -An operating committee of the board of directors. responsible for overseeing financial reporting, hiring an external auditor, overseeing internal audit function, monitoring internal controls What is organizational structures and accountability? (5) - Answer -Employees understand who they report to? Is there segregation of duties? Are there checks and balances? Are employees reprimanded when they do not follow rules? are there performance reviews used? What are some risks that accountants are concerned with? - Answer -Falsification of reports theft improper vendor activity recording errors fraud What are control activities? - Answer -The actions established through policies and procedures that help ensure management's directives to mitigate risks are carried out. Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com