1. What is a large company?

When evaluating the size of a business, the federal government takes into account the
average of annual receipts or the average number of employees. Generally, large businesses are those
in most mining and manufacturing industries that employ 500 or more individuals, or those that do not
manufacture goods and have an average of $7 million in annual receipts. There are exceptions to
these standards in some industries.
2. What is a Publicly Listed Corporation?
A public, publicly traded, publicly held company, or public corporation is a corporation whose
ownership is dispersed among the general public in many shares of stock which are freely traded on a
stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain
size must be listed on an exchange.
3. What is an Issuer of Securities?
Issuer is a legal entity that develops, registers and sells securities for the purpose of financing
its operations. Issuers may be domestic or foreign governments, corporations or investment trusts.
4. What is Publicly Accountable Corporation?
Corporate accountability is the performance of a publicly traded company in non-financial
areas such as social responsibility, sustainability and environmental performance. Corporate
accountability espouses that financial performance should not be a company's only important goal and
that shareholders are not the only people a company must be responsible to; stakeholders such as
employees and community members also require accountability.
5. Other Standard of PSA 240(Kapatid na standard)?
Issuers are required to publish information in their annual reports concerning the scope and
adequacy of the internal control structure and procedures for financial reporting. This statement shall
also assess the effectiveness of such internal controls and procedures.
The registered accounting firm shall, in the same report, attest to and report on the
assessment on the effectiveness of the internal control structure and procedures for financial
reporting.
6. Elements of Fraud Triangle(Opportunity, Pressure Rationalisation)
The fraud triangle consists of three factors that contribute to or are associated with
management and employee fraud. These are:
(1) situational pressure, which includes personal or job-related stresses that could coerce an
individual to act
dishonestly;
(2) opportunity, which involves direct access to assets and/or access to information that
controls assets, and;
(3) ethics, which pertains to ones character and degree of moral opposition to acts of
dishonesty.
7. Partnership Life
The life of a partnership may be established as a certain number of years by the agreement. If
no such agreement is made, the death, inability to carry out specific responsibilities, bankruptcy, or
the desire of a partner to withdraw automatically terminates the partnership. Every time a partner
withdraws or is added, a new partnership agreement is required if the business will continue to operate
as a partnership. With proper provisions, the partnership's business may continue and the termination
or withdrawal of the partnership will be a documentation issue that does not impact ongoing
operations of the partnership.
8. COSO
The Committee of Sponsoring Organizations (COSO) mission is to provide thought leadership
through the development of comprehensive frameworks and guidance on enterprise risk management,
internal control and fraud deterrence designed to improve organizational performance and governance
and to reduce the extent of fraud in organizations.

COSO is a committee of five sponsoring organizations whose representatives come together

periodically to work on specific projects. COSOs projects are undertaken, reviewed and finalized in
accordance with policies agreed to by the sponsoring organizations.