Extra cards

Question 1

What is the purpose of a Business Impact Analysis?

Answer 1

Part of disaster recovery planning. Identify business units required for the business to function. Identify the units and then assess the time that would be required to return the units to full functionality.

Question 2

What is a parity check?

Answer 2

Protects against unwanted modifications on transmitted data.

Parity checking is a method wherein the number of bits in the total number of bytes in a transmitted
message is added up. Then, a zero or a one is added to make the parity even or odd. If and when a
transmitted message is modified and the number of bits has changed, the system detects this and
triggers a resending of the message.

Parity checking comes in handy to keep the transmitted data safe.

Question 3

What type of competition is characterized by :

1) Large number of firms
2) Differentiated products
3) Few barriers to entry
4) Significant non price competition in the market

Answer 3

Monopolistically competitive market.

Product differentiation gives the firms ability to gain some market power in a monopolistically competitive market.

Question 4

Under the provisions of Sarbanes Oxley, internal controls are evaluated

Answer 4

Within 90 days prior to the report

Question 5

What are the factors considered in determining the severity of internal control deficiency?

Answer 5

materiality
mitigating controls
intent

Question 6

What is the order of risk operations under Enterprise Risk Management - Integrated Framework?

Answer 6

Set objectives
Define risk appetite
Identify events (risks)
Risk assessment
Implement risk responses

Question 7

What is a businesses vision, mission, strategy and business objectives?

Answer 7

Strategy - Vision - what we hope to achieve

Core purpose - Mission - why company exists

Question 8

Blockchain facts

Answer 8

1) recorded in decentralized public ledger

2) once records are entered in blockchain, the cannot be altered. This adds layer of security.

Question 9

What are the elements of GDP in the income approach?

Answer 9

Income to proprietors
Profits of corporations
Interest income (net)
Rental Income
Tax revenue to the government
Depreciation (expense of capital consumption)
Employee compensation e.g. salaries and wages
Adjustments for net foreign income and miscellaneous items

Question 10

What is a firewall?

Answer 10

A firewall is either a system of user identification and authentication that prevents unauthorized users from gaining access to network resources (I) or a network node used to improve network traffic and to set up a boundary that prevents traffic from one network segment from crossing over to another (II).

Question 11

What are the segregation of duties in IT roles?

Answer 11

Systems analyst and computer programmers
Computer operators
Security administrators

Question 12

What does a computer operator do?

Answer 12

Scheduling and running processing jobs

Question 13

What does a system programmer do?

Answer 13

Installing, supporting, monitoring, and maintaining the operating system.

Question 14

What are the different types of technology risks?

Answer 14

• Strategic risks - choosing an inappropriate technology
• operating risk- doing the right things in the wrong way
• financial risk - financial resources lost, wasted, or stolen
• information risk - loss of data integrity, incomplete transactions, or hackers