Help with Internal Control for BEC?

  • Creator
    Topic
  • #179806

    Does anyone actually understand it? I am doing the progress tests and this is my weakest subject by far (as in I have no understanding). I have tried reading and rereading Becker, hammering the MC, and reading the executive summary provided by COSO, but I just can not get it. My test is three days away and I really need help on this subject. Can someone please explain it in plain English? I would be eternally grateful.

    ALL 4 parts passed summer 13
    Ethics October 13
    Experience (waiting)

    Becker Only

Viewing 12 replies - 1 through 12 (of 12 total)
  • Author
    Replies
  • #434038
    JTS254
    Participant

    I don't. I've read and re-read Becker, watched the videos and done all of the multiple choice. The only reason I get the multiple choice right is because I've memorized the answers. I'm worried about it as well because I'm betting I see a lot of questions on it. Seems like a silly thing to be tested on.

    FAR - 84
    BEC - 89
    AUD - 93
    REG - 87

    #434039
    ljrpr
    Member

    What aspect do you dont understand?

    AUD-83
    FAR-4/12/14
    REG-5/30/14
    BEC-TBA

    #434040
    Anonymous
    Inactive

    Is you problem with “the risk of setting control risk too low” by any chance?

    #434041

    All of it. When I think its control environment its monitoring and vice versa. Its a crime to not have internal control, and its how the c is phrased. All fine and dandy; I get what they “are” but then when the question is asked it trips me up (I feel like it could be both).

    ALL 4 parts passed summer 13
    Ethics October 13
    Experience (waiting)

    Becker Only

    #434042
    Anonymous
    Inactive

    Control environment is “big picture”. Control activities are things you do on a daily basis. Can you post a specific question (or a couple of questions) and we'll dissect it?

    #434043

    According to the Committee of Sponsoring Organizations (COSO) of the Treadway Commission, which of the following components of the internal control integrated framework addresses an entity's policies and procedures?

    According to the Committee of Sponsoring Organizations (COSO) of the Treadway Commission, which of the following components of enterprise risk management addresses an entity's control over information systems?

    Can narrow down to Control Activities or Control Environment.

    Chose Environment (seems over-reaching), naturally, Control Activities is the correct answer.

    ALL 4 parts passed summer 13
    Ethics October 13
    Experience (waiting)

    Becker Only

    #434044
    Anonymous
    Inactive

    Try thinking of the “components” as activities. So “smaller” than the environment. Does that make sense?

    #434045
    peetree
    Member

    Glad I did aud before BEC.

    Becker does a terrible job with that internal audit section in my opinion

    FAR 02/21/13 - 95
    REG 07/02/13 - 87
    AUD 08/02/13 - 94
    BEC 08/30/13 - 85
    Ethics Exam - 90

    Illinois candidate awaiting his license

    Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

    #434046
    Anonymous
    Inactive

    For me, the Control Environment is everything that has to do with management and their ability to provide a proper work setting hiring the right people, setting a good example, etc. The PHRASED C mnemonic i thought was great. often the questions i saw just took words out of that mnemonic. Ie: Managements philosophy over business is related to the control environment, etc.

    Monitoring is monitoring your IC easy as that. How do we monitor our IC? We use Internal Auditors, Periodically check the controls our self to make sure the controls that our management has implemented are working as they should. If they are not, we need to act.

    Personally, I don't see how Becker could have done anything more to help me understand it aside from being with me on the test, lol. I thought Olinto did a good job explaining everything. Overall, don't kill yourself trying to remember every detail of the COSO framework. Just get the general understanding of the pieces in the mnemonic and I think your golden.

    More MCQs are always good too, haha.

    #434047
    Anonymous
    Inactive

    Whopper – I just dug out my materials. What I ultimately did literally memorize. So when they ask, what is the component or activity that “X” I had memorized what belonged to the environment and what was considered a component/activity. Not the most elegant solution, but it worked for me. I wrote it out down and across (but I can't get the format right in this post to go across). So if it's not part of the “E” is a component/activity.

    Control activities

    Risk assessment

    Info & communications systems

    Monitoring

    Environment –> Philosophy, HR, Reporting/Reporting, Authority, Structure, Ethics, Directors –> Competence

    #434048

    @ DJN – So generally speaking component = activity. I love it. Looking at both the questions they both included component.

    @peetree Sad part is I did do AUD before BEC, but I do not remember COSO being part of it. I hope this is not a sign.

    @ Dutkas. I can say phrased and crime until I am blue in the face. I wish I could watch the videos, I did once for the promise; but 5 minutes in my eyes glazed over and I was done learning.

    Back @ DJN

    Generally Speaking:

    C:ontrol Activities = Component

    R:isk Assessment – Fraud Risk, Strategic Risk, Financial Risk

    I:nformation and Communication: Distributes Information (Collection is part of Control Activities?)

    M:onitoring – finding / fixing deficiencies

    E: nviroment – all how its phrased, FIRM wide (if its a niche, it ain't this)

    Edit: Just did some IC questions, Component does not = Activity right away, you have to read the end of the question all the way through before you can jump to conclusions. Also started noticing that the questions usually hint at the answer.

    ALL 4 parts passed summer 13
    Ethics October 13
    Experience (waiting)

    Becker Only

    #434049
    Anonymous
    Inactive

    Whopper — Yes!!! You got it!

    BUT, do MCQs until you are *confident* in this as it's a different way of thinking. If it doesn't make sense or you struggle come back and I will find a different way to say it for you. This will click for you, you just need to think about it with the “right” words.

Viewing 12 replies - 1 through 12 (of 12 total)
  • The topic ‘Help with Internal Control for BEC?’ is closed to new replies.