Term
| What are the 4 processes in the supply chain? |
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Definition
(1) Business Operations (COSO and CoBIT)
(2) Internal Financial Reporting
(3) External Financial Reporting
(4) Consumers of Financial Reporting |
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Term
| Who are the participants in the supply chain? |
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Definition
Companies
Financial Publishers and Data Aggregators
Analysts & Investors
Trading Partners
Management Accountants
Auditors
Regulators |
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Term
| When does corporate governance begin? |
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Definition
| Before the processes begin. |
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Term
| What occurs during Business Operations? |
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Definition
| Business event documentation |
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Term
| What occurs during Internal Financial Reporting? |
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Definition
| Proper recognition and recording of event (GAAP) |
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Term
| What happens during External Financial Reporting? |
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Definition
| Management reports on financial statements and internal controls; internal audit function. |
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Term
| Who consumes financial information? |
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Definition
| Capital market regulators, CPA reports, and analysts and investors. |
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