In the Framework, it is possible that an entity may not disclose relevant information. Why
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4. In the <IR> Framework, it is possible that an entity may not disclose relevant information. Why?
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- 4. Thainess Co., a mid-size firm, has set up its ERM framework and wants to assess whether its ERM components are working properly. To do this, what are some of the ways to judge "effective" ERM? a. Use the corporate scorecard results as an indicator of the effectiveness of ERM b. Assess whether risks have been controlled across COSO ERM Framework components with reasonable assurance that risk management will allow the firm's objectives to be achieved c. Assess ERM effectiveness by using the results of the financial auditor's report d. Review the firm's operational objectives and determine if each of them has been met 6. What would be the appropriate consolidation of reports by CAE? a. Significant events should be reported immediately, periodic written reports should cover key risk indicators on a scheduled basis, and the ERM plan should be reported during periodic presentations b. Risk owners should report every risk event timely, and the CAE is responsible for ensuring…16.) Insurers may be insured by: A. reinsurers B. Risk retention groupsO A. OB. O C. O D. Surance policy form may not be delivered in Florida unless the form has been approved by the: Office of Financial Regulation (OFR) Office of Insurance Regulation (OIR) Department of Financial Services (DFS) Department of Insurance (DOI) Cla Whiteboa
- Gamestop Corp. said the following about its gift card sales in its most recent (2019) annual report:“We establish a liability upon the issuance of merchandise credits and the sale of gift cards. Revenue is subsequently recognized when the credits and gift cards are redeemed.”When Gamestop sells merchandise to a customer who is using a Gamestop gift card to purchase the merchandise, what is the impact on Gamestop’s financial statements? (Ignore any inventory effects) Liabilities decrease and cash decreases Liabilities increase and the Income Statement decreases Liabilities decrease and the Income Statement increases Liabilities decrease and cash decreases No effect because the transaction was already booked when the customer purchased the gift card7 Under SAFE Act regulations, which of the following statements is true? A Loan processors and originators have to be ● licensed as mortgage loan originators (MLOs). BO Loan processors and underwriters have to be licensed as MLOs. (CO Loan processors and underwriters who are not employed by a bank (depository institution) have to be licensed as MLOs. A loan processor or underwriter who is an employee of a licensed mortgage lender and who operates under the supervision of a licensed MLO is not required to be licensed as anSLO 9.2. Expediting: May be caused by the buyer or the supplierIs caused by buyer behavior onlyIs caused by supplier behavior onlyMay be the result of legal noncomplianceIs a routine order tracking process SLO 10.1. Radio frequency identification (RFID) will: Eliminate bar coding and manual countingEliminate further investment in information technologySupplement bar coding to reduce theftBe more cost effective to implement than bar codingImprove data capture but slow down inventory picking
- How long should a record of a default record be kept by an organisation in accordance with legislative requirements?and in some instances, located in remote areas. Due to their remote locations and small staffs, some offices do not have a compliance officer, and brokers working in these offices have sometimes had to take on the responsibility of hiring the branch manager. Some brokers work out of their homes and use their own personal e-mail to contact clients. Some branches only keep records in electronic form for six years. Which of the following is not a breach of the Code regarding Eagle Asset Managers? 1. Having the brokers in a remote office hire the branch manager. 2. Keeping records in electronic form for six years. 3. Communicating with clients via personal e-mail. 4. Not having a compliance officer. (Ctrl)41. The current ratio is 2:1. State giving reasons which of the following transactions would improve, reduce and not change the current ratio: (a) Payment of current liability; (b) Purchased goods on credit; (c) Sale of a Computer (Book value: Rs. 4,000) for Rs. 3,000 only; (d) Sale of merchandise (goods) costing Rs. 10,000 for Rs. 11,000; (e) Payment of dividend.
- Which of the following procedures will best detect the theft of valuable items froman inventory that consists of hundreds of different items selling for $1 to $10 and afew items selling for hundreds of dollars?(1) Maintain a perpetual inventory master file of only the more valuable items withfrequent periodic verification of the validity of the perpetuals.(2) Have an independent CPA firm prepare an internal control report on the effectiveness of the administrative and accounting controls over inventory.(3) Have separate warehouse space for the more valuable items with sequentiallynumbered tags.(4) Require an authorized officer’s signature on all requisitions for the more valuableitems.Typically what are the sections of an IS policy.In Taxation and Income Tax Laws TRUE OR FALSE A. A GPP and the partner may avail OSD only once. B. A partner of a general professional partnership may avail optional standard deductions even when GPP avail already OSD