Exam 7: Controlling Information Systems: Introduction to Enterprise Risk Management and Internal Control

This component of the ERM framework concerns the entirety of enterprise risk management and is accomplished through ongoing management activities, separate evaluations, or both.

(Multiple Choice)

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Question 141

Under the Sarbanes Oxley Act of 2002, the section on Corporate Tax Returns Section 1001, conveys a sense of the Senate that the corporate federal income tax returns be signed by the treasurer.

(True/False)

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Question 142

____ is a process that assesses the quality of internal control performance over time.

(Multiple Choice)

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Question 143

______________________________ is a process-effected by an entity's board of directors, management, and other personnel-designed to provide reasonable assurance regarding the achievement of objectives such as: effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.

(Short Answer)

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Question 144

A sale to a customer is entered into the system properly, but the event does not accurately update the customer's outstanding balance.This type of processing error would be classified as a user error.

(True/False)

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Question 145

A(n) ___________________________________ is designed to discover problems that have occurred.

(Short Answer)

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Question 146

Business process control plans relate to those controls particular to a specific process or subsystem, such as billing or cash receipts, or to a particular technology used to process data.

(True/False)

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Question 147

Events that could have a positive impact on organizational objectives:

(Multiple Choice)

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Question 148

The ERM framework addresses four categories of management objectives.Which category ensures the reliability of the financial statements?

(Multiple Choice)

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Question 149

Expected gross risk is a function of the initial expected gross risk, reduced risk exposure due to controls, and cost of controls.

(True/False)

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Question 150

PCAOB Auditing Standard No.5 uses ____________________ in its description of the conduct of an integrated audit under SOX 404.

(Short Answer)

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Question 151

Achieving which control goal requires that all valid objects or events are captured and entered into a system's database?

(Multiple Choice)

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Question 152

The ERM framework is comprised of eight components.Which component includes the policies and procedures established and implemented to help ensure the risk responses are effectively carried out?

(Multiple Choice)

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Question 153

The control goal of ensure ___________________________________ provides assurance that objects or events which were entered into the computer are in reflected correctly in their respective master data.

(Short Answer)

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Question 154

The control goal of ensure input ____________________ strives to prevent fictitious items from entering an information system.

(Short Answer)

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Question 155

A missing data field on a source document or computer screen is an example of an error that could undermine the achievement of the control goal of ensure ______________________________.

(Short Answer)

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Question 156

Which component of the ERM framework is best described here: Internal and external events affecting achievement of an entity's objectives must be identified, distinguishing between risks and opportunities.Opportunities are channeled back to management's strategy or objective-setting processes.

(Multiple Choice)

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Question 157

A(n) ____________________ item is an object or event that is not authorized, never occurred, or is otherwise not genuine.

(Short Answer)

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Question 158

A(n) ___________________________________ is designed to rectify problems that have occurred.

(Short Answer)

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Question 159

A tool designed to assist you in evaluating the potential effectiveness of controls in a business process by matching control goals with relevant control plans is:

(Multiple Choice)

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Question 160

Showing 141 - 160 of 161

This component of the ERM framework concerns the entirety of enterprise risk management and is accomplished through ongoing management activities, separate evaluations, or both.

Under the Sarbanes Oxley Act of 2002, the section on Corporate Tax Returns Section 1001, conveys a sense of the Senate that the corporate federal income tax returns be signed by the treasurer.

____ is a process that assesses the quality of internal control performance over time.

A sale to a customer is entered into the system properly, but the event does not accurately update the customer's outstanding balance.This type of processing error would be classified as a user error.

A(n) ___________________________________ is designed to discover problems that have occurred.

Business process control plans relate to those controls particular to a specific process or subsystem, such as billing or cash receipts, or to a particular technology used to process data.

Events that could have a positive impact on organizational objectives:

The ERM framework addresses four categories of management objectives.Which category ensures the reliability of the financial statements?

Expected gross risk is a function of the initial expected gross risk, reduced risk exposure due to controls, and cost of controls.

PCAOB Auditing Standard No.5 uses ____________________ in its description of the conduct of an integrated audit under SOX 404.

Achieving which control goal requires that all valid objects or events are captured and entered into a system's database?

The ERM framework is comprised of eight components.Which component includes the policies and procedures established and implemented to help ensure the risk responses are effectively carried out?

The control goal of ensure ___________________________________ provides assurance that objects or events which were entered into the computer are in reflected correctly in their respective master data.

The control goal of ensure input ____________________ strives to prevent fictitious items from entering an information system.

A missing data field on a source document or computer screen is an example of an error that could undermine the achievement of the control goal of ensure ______________________________.

Which component of the ERM framework is best described here: Internal and external events affecting achievement of an entity's objectives must be identified, distinguishing between risks and opportunities.Opportunities are channeled back to management's strategy or objective-setting processes.

A(n) ____________________ item is an object or event that is not authorized, never occurred, or is otherwise not genuine.

A(n) ___________________________________ is designed to rectify problems that have occurred.

A tool designed to assist you in evaluating the potential effectiveness of controls in a business process by matching control goals with relevant control plans is:

Introduction to Accounting Information Systems

Enterprise Systems

Electronic Business E-Business Systems

Documenting Information Systems

Database Management Systems

Relational Databases and Sql

Controlling Information Systems: Introduction to Pervasive Controls

Controlling Information Systems: Business Process and Application Controls

The Order Entrysales Oes Process

The Billingaccounts Receivable Cash Receipts Barcr Process

The Purchasing Process

Accounts Payablecash Disbursements Apcd Process

The Human Resources Process HR Management and Payroll Processes

Integrated Production Processes IPP

General Ledger and Business Reporting Glbr Process

Acquiring and Implementing Accounting Information Systems

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