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ZZZ - BEC #1 > Day 22 > Flashcards

Day 22 Flashcards

1
Q

True or False: Internal Control - Integrated Framework define rules that must be followed throughout the organization

A

False

The Integrated Framework is built on PRINCIPLES not rules

MCQ-00372

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2
Q

Principles associated with the Risk Assessment

SAFR - SFRA

A
  1. Specify objectives
  2. Identify and Analyze risk
  3. Consider potential fraud
  4. Identify and Assess changes

MCQ-00392

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3
Q

Policy and procedure deployment falls under which Internal Control principle?

A

Existing Control Activities

MCQ-00502

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4
Q

The COSO Cube illustrates what?

A

Categories of objectives, internal control components, and entity organizational levels

MCQ-00373

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5
Q

What FS disclosures are required by Title IV of Sarbanes-Oxley ?

A
  1. Reconciliations of pro forma FS with GAAP basis FS
  2. Related party relationships
  3. The usage of Special Purpose Entities (SPEs)
  4. All MATERIAL correcting AJEs made by external Auditors

MCQ-00241

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6
Q

Ensure that external Auditors are aware of significant internal control issues - what principle?

A

Info and Comm

MCQ-00431

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7
Q

A company’s performance guidelines sets a lower limit of 3% unfavorable material usage variance - what ERM principle?

A

ERM = GO PRO

Strategy and Objective Setting

SOAR

MCQ-15782

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8
Q

Cost Benefit Analysis

A

Amount of Loss × (Risk of Loss Identified % – Risk of Loss with new Control) = Benefit

Benefit − Cost of Control = NET BENEFIT

MCQ-14816

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9
Q

Define: Program Modification Controls

A

Are controls over the modification of programs being used in production applications.

  • Include both controls that attempt to prevent changes by unauthorized users & Track program changes *exact record of what program was running during production
  • Program change control software includes a Software Change Mgmt Tool & a Change Request Tracking Tool

MCQ-05185

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10
Q

True or False: International Joint Ventures are setup to maximize comparative advantages of one or both of the participating firm’s

A

True

MCQ-07846

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11
Q

What is Top Mgmt’s most important role(s) in business process design?

A
  • Providing support and encouragement for IT development projects
  • Aligning Information Systems with corporate strategies

Note: Bc business process design often takes time away from other duties, Mgmt *MUST ensure that team members are given adequate time and support*

MCQ-09140

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12
Q

What responsibilities do the following groups have in regards to IT Governance Policies?

  1. Board of Directors
  2. Executives
  3. Middle Mgmt
  4. End Users
A
  1. Set the policies
  2. Ensures structure in place/executed efficiently
  3. Carry out IT Governance policies
  4. Follow the policies/procedures

MCQ-14518

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13
Q

Define: Veracity with regards to Big Data dimensions

A

Veracity - Represents the reliability, quality, or integrity of the data

MCQ-14522

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14
Q

Define: ETL regarding Big Data

A

Extract, Transform, and Load

Process in which data is captured from it’s source and manipulated in a way that allows it to be transferred to a format readable by another system so that it can be used or analyzed

MCQ-14784

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15
Q

Define: Descriptive Analytics

A

Indicate what happened

EX: Avg. sales by region

MCQ-14523

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16
Q

Define: Prescriptive Analytics

A

Analytics reveal HOW to achieve a desired event

MCQ-14523

17
Q

Define: Diagnostic Analytics

A

Analytics reveal WHY an event happened

MCQ-14523

18
Q

Define: Predictive Analytics

A

Help forecast future data points

MCQ-14523

19
Q

What are the responsibilities of a Systems Analyst?

A
  • Learning a purchased software package
  • Would integrate new software into any existing software
  • Responsible for training staff
  • Responsible for adapting / integrating the newly purchased system into the business

*Note: Referred to as a “SYSTEMS INTEGRATOR”

MCQ-05037

20
Q

What are the responsibilities of a Network Administrator?

A
  • Manage the Local Area Networks (communications)
  • Would NOT be responsible for leading the integration of new software

MCQ-05037

21
Q

Define: Program-Level Policy

A
  • Used for creating a Mgmt-Sponsored computer security program
  • Program-Level Policy = at the Highest level
  • May need information security and may delegate the creation and mgmt of the program
    - This is the MISSION STMT for the IT Security Program

MCQ-14773

22
Q

XYZ Company adopted new controls in its enterprise system. Within AP, the system is designed to compare individual transactions with previously recorded transactions to match certain designated fields. This is an example of what type of control?

A

Processing Control - ensure that processing data is ACCURATE and COMPLETE

MCQ-14775

23
Q

What are the responsibilities of a Computer Operator?

A
  • Responsible for Scheduling and running processing jobs

MCQ-14776

ZZZ - BEC #1 (75 decks)

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