Explain Enterprise Risk Management-Integrated Framework.
What will be an ideal response?
COSO (Committee of Sponsoring Organizations) developed a new system, Enterprise Risk Management-Integrated Framework, to serve as a framework for management to evaluate and improve their firms' prevention, detection, and management of risk. This system expands on the prior framework in that it intentionally includes "objective setting" as one of its interrelated components, recognizing that both the culture and the propensity toward risk are determined by the firm's overarching mission and objectives. Enterprise risk management, therefore, assists an organization or its governing body in resolving ethical dilemmas based on the firm's mission, its culture, and its appetite and tolerance for risk.
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Which of the following does not influence the length of time a hard copy report is retained?
a. Statutory requirements. b. The number of copies in existence. c. The number of pages of the report. d. All of these factors influence the length of time a hard copy report is retained.
Always agreeing with the leader is good for ______.
a. the leader b. the follower c. the organization d. none of these groups
When the FIFO cost flow assumption is used, the equivalent units will always equal the actual units in beginning work in process inventory, plus the actual units started and completed during the current period plus the percent of ending work in process inventory completed during the current period
Indicate whether the statement is true or false
Some consumers use multiple types of media at the same time
Indicate whether the statement is true or false