BEC EXAM

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BEC EXAM

Financial Planning

Financial Management

Cost Accounting

Economics

Supply

Negative Supply Curve Shift

Cost of Producing item increseases

Lower Equilibrium GDP

Supply decreases at each price point

Positive Supply Curve shift

Technology Improvements

Fast internet makes ecommerce efficient

Number of sellers increase

Higher Equilibrium GDP

Supply increases at each price point

Supply Curve shift- Supply changes due to something other than price

Supply Curve

More sellers are willing to sell

When the price of an item increases, supply increases

Performance Measures

Risk Management

Capital Budgeting

IT

Compensating Controls

Systems Operator

Systems Programmer

Systems Administrator

Systems Analyst

Segregated IT Roles

Librarians

Programmers

Operaters

Corporate Governance

Executive Compensation

Shirking

Tie management compensation to company profit

Management doesn't act in the best interest of Shareholders

Influences that help mold the direction of Management are from internal (Board of Directors, Audit Committee, Internal Control) to external (Creditors, SEC, IRS)

Management should not disrupt Influence

Management must match Shareholders goal

COSO Framework

Enterprise Risk Management

Internal Control

International Internal Auditing Standards

Sarbanes Oxley Act

Board of Directors

Compensation Committee

Responsible for CEOs compensation package

Audit Committee

Appoint and Oversee External Auditors

Corporate Governance Committee

Responsible for hiring new CEOs

Oversees the Board

Monitor Management Behavior