5. Explain the components of the new COSO ERM Framework? (2017 version)6. Explain each of the five classification of controls according to Australian Auditing Standard ASA315

Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Answered: 5. Explain the components of the new…

Business

Accounting

5. Explain the components of the new COSO ERM Framework? (2017 version)

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 52RSCQ

See similar textbooks

Related questions

Q: 5. Explain to the investor what the main differences between the APT and the CAPM are. 6. What are…

A: Difference between CAPM and APT- Capital Asset Pricing Model (CAPM) allows investors to quantify…

Q: Explore the differing reasons for IFRS adoption around the world

A: International Reporting Financial Standard (IFRS) IFRS are basically the accounting standards issued…

Q: What is IFRS 9, why do we use IFRS 9 and provide some example were do we use IFRS 9.

A: When a company becomes a participant in the contractual requirements of an instrument, IFRS 9…

Q: NEED ASAP

Q: er part (d) and s

A: As per requirement, the part d is solved.

Q: Which of the following statements is true? a. Both the SEC and the PCAOB require the use of the COSO…

A: Committee of Sponsoring Organization (COSO): Committee of Sponsoring Organizations (COSO) is a…

Q: What other observations can we make about organisational change? "Give egs of people in their orgs.…

A: Contingency approach in Management for Organizational Change There are different types of approach…

Q: the differencwe between the new IFRS 15 and old IFRS 15

A: The acronym IFRS stands for International Financial Reporting Standards that provide the rules,…

Q: What is the Committee of Sponsoring Organizations (COSO)? Briefly describe the original…

Q: Which mutually exclusive project below would you recommend?

A: The internal rate of return (IRR) is the rate of return where Net present value of the project is…

Q: What are the 5 ways the PBO can change?

A: Projected Benefit Obligation: It is a pension concept in accounting as it is the present value of…

Q: gy? Can it be replaced with any other system which would be self-sufficient in upcoming 5G Tech

A: The latest such technology, 4G LTE (‘Fourth Generation – Long Term Evolution’),provides substantial…

Q: 17. What are the key features of ERISA?

A: The Employee Retirement Income Security Act of 1974 (ERISA) is a federal statute that provides basic…

Q: List all the IAS and IFRS Standards, discuss briefly their definitions, thier objective and their…

A: The Accounting standards are the set of principles and procedures to be compulsorily adopted by the…

Q: 3 What were some of the challenges to the IASB in developing a conceptual framework?

A: International Accounting Standards Board (IASB): IASB is the board which frames, develops, approves,…

Q: So the answer is 1394 or2450?

A: The deductible business expenses are the expenses which are incurred for business. If the expenses…

Q: P21-12. Please solve part e,f,g and show all workings clearly.

A: Partial Balance Sheet- A partial balance sheet is a fiscal tool that is used to visualize the list…

Q: 1. The Conceptual Framework may be revised from time to time. Revisions in the Conceptual Framework…

A: Disclaimer:- “Since you have asked multiple question, we will solve the first question for you. If…

Q: conceptual framework

A: Conceptual framework is the visual representation of how the financial information to be presented…

Q: 64. According to the pny In upn should prepare which of the follow statements? Statement of Changes

A: The American Institute of Certified Public Accountants (AICPA) is the United States' primary…

Q: 1. what is the approach of Pax World? 2. what is the Future Development Strategy and Planning of…

A: Pax World Funds is a collection of 11 funds advised by Impax Asset Management LLC, a sustainable…

Q: Make 1 suggestion on how to improve NTT’s organization structure/situation?

A: A framework that specifies that certain tasks are guided in order to accomplish an organization's…

Q: how would you implement the SA8000 model in an organization?

A: SA8000 model : This model is considered a Social accountability standard with the International…

Q: a different technologies acturing. Determine the mpanys MARR = 14.5%. B. C 900

A: Given as,

Q: Please describe a scenario that is modeled by the following scenario: .0574 (12-18) 1+ 12 385 145130…

A: The scenario represented using the given computation is the future value of the annuity.

Q: What 10 elements are included in the study of AIS?

A: Accounting information system (AIS) is a form of gathering, keeping and preparing financial…

Q: The main capabilities of SAGE 50

A: SAGE 50: SAGE 50 is a Accounting and payroll software. It can manage simple to complex task.

Q: 4- Are you agree with the phrase (sentence): "In the following case, a risky person may prefer…

A: The question is related to Expected Net Present Value, Standard Deviation. The Expected Net Present…

Q: describe implications for fi nancial analysis of diff ering fi nancial reporting systems and the…

A: Financial report may be defined as the collection of major financial statements which are prepared…

Q: What is the difference between the terms of the definition and the terms of recognition in the…

A: The purpose of the conceptual framework is to assist the IASB in preparing and revising the…

Q: how to do?E17.11a,b,c

A: Journal entries are prepared to record the financial and non-financial transactions of the business…

Q: List and briefly describe the seven different threats to the 1.200.001 Independence Rule.

A: 1.200.001 of AICPA Code of Professional Responsibility talks about Independence

Q: P16-5. Please show all your workings clearly.

A: Earning Per Share Earning per share is considered to be the important calculated tool for the…

Q: . Please answer E21-11, and show all your workings clearly.

A: Computing the amount of lease receivable at the commencement of the lease:

Q: What Is Section 1031? A brief explanation on this?

A: Answer : Section 1031 Provision of Internal Revenue Code Allows the Owners of Investment Property…

Q: 5. Which of the following statements is corrèct? I. The Conceptual Framework sets out the standards…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…

Q: Options have a unique set of terminology. Define the following terms: (13) LEAPS

A: The term options refer to the derivative instruments whose value is based on the value of the…

Q: e mechanism you should have propose

A: Developed by Central BOS, CBOS cloud business management software is connected to every department…

Q: Questions: Based on this information, complete the following working paper:

A: Given in the question: During the year 2021 A new equipment has been purchased in early 2021 for…

Q: What is FASB Statement 13?

A: The Financial Accounting Standard Body (FASB) is an autonomous body which is responsible for…

Question

100%

5. Explain the components of the new COSO ERM Framework? (2017 version)
6. Explain each of the five classification of controls according to Australian Auditing Standard ASA
315

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Provide the objectives for a successful audit program according to ISO9001:2015
Elaborate or explain the following: International Internal Audit Standard 2040. International Internal Audit Standard 2340. International Internal Audit Standard 2330 A.1 and 2330 A.2 International Internal Audit Standard 2330 C.1 International Internal Audit Standard 2440.A2
c. List the eight (8) distinct parts of a standard unqualified audit report, and explain any two (2) of the parts.
AU-C 500 Audit Evidence, in the AICPA auditing standards refers to information produced by the entity. What must the auditor do to evaluate whether information provided by the client is sufficiently reliable?
Discuss why we have a dual system of auditing standards in the U.S. (AICPA Auditing Standards Committee-Statement on Auditing Standards and the PCAOB-Auditing Standards). Be certain to identify when each system used.
Refer to Exhibit 2.5 and answer the following questions. a. (Sections 101, 104, and 105) How does the establishment and operation of the PCAOB help to ensure quality external audits? How will audit firm inspections and investigations by the PCAOB help ensure high audit quality? b. (Sections 201-203) How do Sections 201-203 address audit ()r independence concerns? c. (Section 206) What is a cooling-off period, and how does it address auditor independence concerns? d. (Section 301) How do the audit committee requirements help ensure effective corporate governance? e. (Sections 302 and 906) How do the officer certification requirements help to address the risk of fraud in publicly traded organizations? What is the likelihood that a CFO who is committing fraudulent financial reporting would sign the certification falsely, and what are your reactions to that possibility? f. (Section 401) How does this section relate to the Enron fraud? g. (Section 404) How do the management assessment and audit or attestation of internal controls contained in this section help to address the risk of fraud in publicly traded organizations? h. (Section 407) Why is it important that at least one member of the audit committee be a financial expert? What are the financial reporting implications if the audit committee does not have any individuals serving on it who possess financial expertise? i. (Section 802) How does this section relate to the Enron fraud?
International Standards on Auditing (ISAs) are issued by the International Auditingand Assurance Standards Board (IAASB). Use the IAASB Web site (http://www.ifac.org/IAASB/) to learn more about the IAASB and its standard-setting activities.a. What is the objective of the IAASB? Who uses International Standards on Auditing?b. Summarize the due process followed by the IAASB in setting standards.c. How is the IAASB committed to transparency in the standard-setting process?
19-In case of doubt about the reliability of Journal, ledger and other documents what are the requirements of International Standards on audit? a. Further investigation b. Determination of required modifications c. Determination of additional audit procedure d. All the options
3 Identify the role of the following bodies in the auditing standards-setting process: (1) the AICPA; (2)the PCAOB; (3) the SEC
All auditing standards have: Select one: a.An executive summary b.An objective c.A summary d.All the given answers are correc
Discuss what was interesting concept of 1101 Audit risk, 1105 Audit Evidence and 1110 Relationship of Auditing Standards to Quality Control Standards.
ASA570.10 requires the auditor to particularly evaluate the going concern problems and the related risk as part of the audit strategy and processes. What are the implications and the consequences for the audit if it is concluded that the going concern assumption is inappropriate and, as a result, the entity being audited is highly unlikely to continue in business in the foreseeable future? In your response and in your own words, discuss six (6) typical indicators of going concern problems and state the considerations and the additional procedures which should be included as part of the audit program.