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1. Discuss the COSO ERM framework, and how it includes and expands on the internal controls required by Sarbanes Oxley Act. Discuss the differences between Internal Control Integrated Framework and COSO ERM framework. (references)
2. To use ERM to evaluate an accounting information system, the team must recognize the importance of the internal environment in a company. Discuss what elements are important when identifying the internal environment in a company. (provide References)

The Financial Accounting Standards Board has undertaken several key initiatives to pursue the goal of convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). Furthermore, the Board conducts several joint projects with the IASB, and it works with the IASB on the short term convergence project.

REQUIRED:
Discuss the efforts made toward convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) on the financial performance reporting by business enterprises.

Daily output of Marathon s Garyville, Lousiana, refinery is normally distributed with a mean of 232,000 barrels of crude oil per day with a standard deviation of 7,000 barrels. (a) What is the probability of producing at least 232,000 barrels? (b) Between 232,000 and 239,000 barrels? (c) Less than 239,000 barrels? (d) Less than 245,000 barrels? (e) More than 225,000 barrels?

Uniform probability distribution: The weight of a randomly chosen American passenger car is a uniformly distributed random variable ranging from 2,500 pounds to 4,500 pounds.

The weight of a randomly chosen American passenger car is a uniformly distributed random variable ranging from 2,500 pounds to 4,500 pounds.
(a) What is the mean weight of a randomly chosen vehicle?
(b) The standard deviation?
(c) The quartiles?
(d) What is the probability that a vehicle will weigh less than 3,000 pounds?
(e) More than 4,000 pounds?
(f ) Between 3,000 and 4,000 pounds?