ACC 621 Study Guide - Final Guide: Natural Environment, Risk Management, Fiduciary
8 Apr 2016
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Who in the org. owns the internal control? (mc q on the midterm) senior management is the answer. Governance - is the process conducted by the board of directors to authorize, direct and oversee management toward the achievement of the org"s objecives. Strategic direcion - the board provides the direcion and guidance relaive to the key business objeives against its business model and aligned with stakeholder prioriies. Governance oversight - governance begins with the board. Board must understand the need of key stakeholders. The boards has a iduciary to stakeholders responsibility. Governance - day to day governance is the responsibility of management snr mngrs and the ceo and cfo. Internat and external aciviies provide mngmnt and the board with assurance regarding the efeciveness of governance aciviiies. (internal auditors and external auditors help provide these aciviies) Know the risk ideniicaion and business processes of any company. We make decisions in less than perfect condiions.
