SOFE Exam SOFA-CFE Topic 2 Question 98 Discussion

Actual exam question for SOFE's SOFA-CFE exam

Question #: 98
Topic #: 2

What needs to understand and assess this environment and the system of internal controls so it can exercise effective oversight?

AFinancial reporting

BAudit Committee

CInventory control

DBusiness Assessment

Show Suggested Answer

Suggested Answer: D

by Dannette at Sep 13, 2024, 03:25 PM

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Hoa

1 months ago

Wait, there's an 'audit committee'? I thought the auditors just showed up, drank all the coffee, and left a huge bill.

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Malissa

4 days ago

B) Audit Committee

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Elly

6 days ago

A) Financial reporting

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Sheridan

1 months ago

Ah, the age-old battle between finance and operations. The audit committee always seems to come out on top though.

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Carin

1 months ago

Business assessment? Sounds like a job for the consultants. The audit committee is where it's at for this one.

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Gilma

10 days ago

Business Assessment

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Deonna

17 days ago

Financial reporting

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Oliva

1 months ago

Audit Committee

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Carolann

2 months ago

But wouldn't Financial reporting also be important for effective oversight?

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Gerri

2 months ago

I agree with Mitsue. The Audit Committee plays a crucial role in overseeing the system of internal controls.

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Kate

2 months ago

I thought the inventory control team was responsible for this. Guess I need to brush up on my corporate governance knowledge.

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Mike

19 days ago

Yes, they work closely with the inventory control team to ensure accuracy.

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Barrie

23 days ago

The audit committee plays a key role in overseeing the internal controls.

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Darrin

24 days ago

D) Business Assessment

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Jose

25 days ago

C) Inventory control

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Zona

29 days ago

B) Audit Committee

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Dorethea

1 months ago

A) Financial reporting

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Pamela

2 months ago

The audit committee needs to understand and assess the environment and internal controls to provide effective oversight. B is the correct answer.

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Mitsue

2 months ago

I think the Audit Committee needs to understand and assess the environment and internal controls.

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