Exam 6: Control and Accounting Information Systems

The third component of COSO's internal control model is risk assessment.Part of risk assessment is to identify threats to companies.If a company does the right things in the wrong way,this is known as

According to the ERM,these help the company address all applicable laws and regulations.

The risk that exists before management takes any steps to control the likelihood or impact of a risk is

Internal control is often referred to as a(n)__________,because it permeates an organization's operating activities and is an integral part of basic management activities.

Accountants must try to protect the AIS from threats.Which of the following would be a measure that should be taken?

Which of the following is not one of the reasons COSO developed the more comprehensive ERM framework?

The potential dollar loss that could result if an unwanted event occurs is called a(n)

What is a weakness of the internal control concept of the separation of duties?

One reason why many organizations do not adequately protect their systems is because

What are the major components of control as defined in the COSO internal control model report?

Which of the following is not a reason for the increase in security problems for AIS?

In restaurants,servers often take orders,collect payments from customers,and return change.This violates the principle of segregation of duties if servers also

Change management refers to

River Rafting Adventures of Iowa provides rafts and tour guides to tourists eager to ride the wild rivers of Iowa.Management has determined that there is one chance in a thousand of a client being injured or killed.Settlement of resulting lawsuits has an average cost of $650,000.Insurance with a $50,000 deductible is available.It covers the costs of lawsuits unless there is evidence of criminal negligence.What is the impact of this risk without insurance?

There are different types of internal controls available to an organization.The type of controls that deters problems before they arise are called

A ________________ helps employees act ethically by setting limits beyond which an employee must not pass.

Why was the Foreign Corrupt Practices Act of interest to accountants?

A ________________ measures company progress by comparing actual performance to planned performance.

Corrective controls remedy problems discovered with detective controls.What is not a corrective control procedure?

Good internal control demands that no single employee be given too much responsibility.The segregation of duties is key to fulfilling this demand.Which two functions,when not performed by different employees,will cause a potential internal control problem due to the lack of separation of duties?