AC 1204 - Term Bank (Part 2)

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Risk committee

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35 Terms

1

Risk committee

is an independent committee of the Board of Directors that has, as its sole and exclusive function, responsibility for the oversight of the risk management policies and practices of the Corporation's global operations and oversight of the operation of the Corporation's global risk

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2

Rules-based code of ethics

An approach to ethics management wherein the morality of an action is judged based on rules.

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3

Values-based code of ethics

addresses a company's core value system. It may outline standards of responsible conduct as they relate to the larger public good and the environment.

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4

Regulatory Compliance/ statutory obligations

refers to laws passed by a state and/or central government, while regulatory refers to a rule issued by a regulatory body appointed by a state and/or central government

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5

Internal Audit department

is a unit within a company or organization that is responsible for evaluating operational procedures, risk management, control functions, and governance processes.

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6

Corporate Governance Charter

is to provide the Board of Directors of the Company with guidance in the discharge of their duty to oversee the affairs of the Company for the benefit of the shareholders.

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7

Risk

the chance that an outcome or investment's actual gains will differ from an expected outcome or return.

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8

Board of directors

is an elected group of individuals that represent shareholders.

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9

Non-audit work

used to describe services that an accountant provides for a company, such as giving advice, that do not involve checking the company's financial records

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10

Management

devising a short- or long-term strategy for acquiring and disposing of portfolio holdings.

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11

Policies and Procedures

are a set of rules and methods designed and communicated to structure certain processes within an organization.

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12

Internal Audit

evaluate a company's internal controls, including its corporate governance and accounting processes.

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13

Internal Audit Department

is a unit within a company or organization that is responsible for evaluating operational procedures, risk management, control functions, and governance processes.

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14

Business Ethics

is the study of appropriate business policies and practices regarding potentially controversial subjects including corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities.

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15

Forensic

is the investigation of fraud or financial manipulation by performing extremely detailed research and analysis of financial information.

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16

Management Fraud

can be defined as a deliberate fraud committed by. a firm or company's management that injures investors and creditors. through materially misleading financial statements, or intentional or. egregious conduct whether by act or omission that leads to a material. misstatement of financial statements.

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17

Oversight

refers to the actions taken to review and monitor public sector organizations and their policies, plans, programs, and projects.

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18

Documentation

the act or an instance of furnishing or authenticating with documents

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19

Fraud audit

is a detailed examination of the financial records of a business, with the intent of finding instances of fraud.

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20

Separation of chair and CEO

chairman is responsible for marshaling the effective functioning of the board including the collective oversight of management. The CEO meanwhile spearheads the business and day-to-day management of the company.

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21

Fiduciary Duty of Care

requiring directors and/or officers of a corporation to make decisions that pursue the corporation's interests with reasonable diligence and prudence

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22

High Quality Earnings

In accounting, high-quality earnings refer to a company enabling an increase in its reported income as a result of increased sales, or because of reductions in cost, or an effective marketing campaign. A surge in reported income without any accounting artifice that does not present a true picture of a company’s prospects, such as using aggressive accounting practices or creative accounting practice, is called reporting high-quality earnings.

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23

International Federation of Accountants

is the global advocacy organization for the accountancy profession; mainly for the financial accounting and auditing professions.

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24

Organization for Economic Co-operation

is a unique forum where the governments of 37 democracies with market-based economies collaborate to develop policy standards to promote sustainable economic growth.

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25

Low Integrity

A person lacks integrity if unable to appreciate the distinction between what is honest or dishonest by ordinary standards.

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26

Forensic CPAs

A forensic certified public account (CPA) is an accountant with specialized accounting, investigative and audit skills who is retained in a divorce matter to analyze information and then present expert testimony regarding that information in court, if necessary.

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27

Corporate and Criminal Fraud Accountability

Sections 801 to 807 of the Sarbanes Oxley Act of 2002 are known collectively as the Corporate and Criminal Fraud Accountability Act. The Act details criminal penalties for securities fraud and protects employees-turned-whistleblower of publicly traded companies from retaliatory actions by their employers.

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28

Forensic Accountants

often review accounting systems and practices related to criminal and legal investigations. The field is a branch of general accounting. It takes a holistic view of financial statements and traces the movement of money in order to understand a particular situation.

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29

Corporate Raiding

In business, a corporate raid is the process of buying a large stake in a corporation and then using shareholder voting rights to require the company to undertake novel measures designed to increase the share value, generally in opposition to the desires and practices of the corporation's current management.

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30

Fraud Business

Consists of dishonest and illegal activities perpetrated by individuals or companies in order to provide an advantageous financial outcome to those persons or establishments. Also known as corporate fraud, these schemes often appear under the guise of legitimate business practices.

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31

Fraud Triangle

Is a framework used to explain the reason behind an individual’s decision to commit fraud. The fraud triangle consists of three components: (1) Opportunity, (2) Incentive, and (3) Rationalization. Fraud refers to the deception that is intentional and caused by an employee or organization for personal gain.

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32

Business Continuity Plan

Business continuity planning (BCP) is the process involved in creating a system of prevention and recovery from potential threats to a company. The plan ensures that personnel and assets are protected and are able to function quickly in the event of a disaster.

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33

Three-tier security check

T3 is the investigation required for positions designated as non-critical sensitive and/or requiring eligibility for “L” access or access to Confidential or Secret information. T3R is the reinvestigation product required for the same positions.

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34

Corporate Integrity

Corporate integrity is defined as a state or condition in which the objectives of the managers and the shareholders of a corporation are undivided and complete. The compensation of the managers and the shareholders is selected as a subset of the objectives.

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35

High Integrity

Having a high degree of integrity at work means that: You are trustworthy and reliable.

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