Ch 16: Governance, Risk & Compliance in Accounting

About This Chapter

Enhance your understanding of governance, risk and compliance in accounting, and ensure you're ready for an upcoming test, project or discussion in class. Lessons in this chapter provide an in-depth look of the subject, while short quizzes gauge your comprehension.

Governance, Risk & Compliance in Accounting - Chapter Summary

If you are interested in learning more about governance, risk and compliance, or want to refresh your existing knowledge, this chapter can help! Entertaining video and text lessons examine various types of control in accounting and management and help you better understand auditing concepts. Review these lessons anytime and from any location. When finished, you will be prepared to:

  • Define internal and external locus of control
  • Share advantages and disadvantages of span of control in management
  • List types of internal controls in accounting, and discuss the impact of technology on the internal control system
  • Describe the CoCo internal control framework and limitations of internal control in financial reporting
  • Identify key players and issues faced in corporate governance
  • Discuss the meaning and importance of financial statement audits
  • Provide the definitions of internal auditing and the internal auditor
  • Explain the role of auditors in the accounting process

Make studying governance, risk and compliance easier than ever by tailoring the resources in this chapter to your personal schedule and studying needs. Choose the lessons you want to review in any order, and visit them as many times as needed. Use the self-assessment quiz with each lesson to test your knowledge. Get additional details about topics you don't understand in the lessons by submitting questions to our experts.

12 Lessons in Chapter 16: Governance, Risk & Compliance in Accounting
Test your knowledge with a 30-question chapter practice test
Locus of Control: Definition and Examples of Internal and External

1. Locus of Control: Definition and Examples of Internal and External

Is your locus of control internal or external? Your perception of where control lies can have an impact on your viewpoint and the way you interact with your environment. This lesson explores the differences between internal and external lotus of control and how each impacts organizational behavior.

Span of Control in Management: Definition, Disadvantages & Advantages

2. Span of Control in Management: Definition, Disadvantages & Advantages

Span of control in management has implications for work flow, communications, and opportunities for promotion in a company. Read on to learn what it is and how it impacts a company's results.

Internal Controls in Accounting: Definition, Types & Examples

3. Internal Controls in Accounting: Definition, Types & Examples

Rules and regulations are a part of everything we do. In this lesson, you will learn about internal controls in accounting. You will learn what they are, why they are important and see examples.

Technology's Impact on the Internal Control System

4. Technology's Impact on the Internal Control System

Almost every day, you hear about new advances in technology. Do you ever wonder how this new technology affects the business world? In this lesson, we are going to discuss how technology impacts internal control.

Internal Controls in Managerial Accounting

5. Internal Controls in Managerial Accounting

In this lesson, we'll learn about internal controls in managerial accounting. Internal accounting controls govern a company's financial system, and are important when it comes to safeguarding a company's financial information.

CoCo Internal Control Framework: Definition & Key Concepts

6. CoCo Internal Control Framework: Definition & Key Concepts

Management must ensure controls are in place to minimize risk and ensure financial reporting is reliable. Let's examine a control framework, CoCo, which can help with identifying controls.

Limitations of Internal Control in Financial Reporting

7. Limitations of Internal Control in Financial Reporting

Internal controls are a vital part of the operation of a business. In this lesson, we will discuss what internal controls are and some of the limitations of internal controls.

What is Corporate Governance? - Definition & Key Players

8. What is Corporate Governance? - Definition & Key Players

This lesson defines and discusses the concept of corporate governance, the key players involved in corporate governance, the roles of these key players, and the primary types of issues faced with regard to corporate governance.

External Audits of Financial Statements

9. External Audits of Financial Statements

Financial statements are one of the most heavily relied upon group of reports in the business world, and they must be accurate and reliable. In this lesson, you'll learn about financial statement audits, who performs them, and why they are important.

Internal Auditing: Definition & Standards

10. Internal Auditing: Definition & Standards

If you work in 'corporate America,' you may have heard the infamous phrase, 'We're here from internal audit and we're here to help.' Even if you haven't, in this lesson we'll discuss what an internal audit is and the standards auditors must follow.

What is an Internal Auditor?

11. What is an Internal Auditor?

Companies want to reduce as much risk as possible. This lesson will discuss the role of an internal auditor and identify various areas they may work in a company.

The Role of Auditors in the Accounting Process

12. The Role of Auditors in the Accounting Process

Auditors play a pivotal role in the accounting industry. In this lesson, you will learn what an auditor is, what they do, and the steps in the auditing process.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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