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Final Flashcards

1
Q

Data Analysis Cycle

A

 Data capture
 Extraction
 Data preparation
 Data analysis
 Communicating insights

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2
Q

big data Four V’s

A

 Volume = mass of data
 Velocity = real time speeds
 Variety = unstructured or unprocessed data
 Veracity = quality of data

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3
Q

SMART questions

A

o Specific
o Measurable
o achievable
o Relevant
o Timely

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4
Q

Data structure types

A

o Structured, unstructured, and semi-structured

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5
Q

Structured query language

A

o Common way to extract data from a relational database (SELECT, FROM, WHERE)

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6
Q

Data Prep Steps

A

 Understand data
 Standardize, structure, clean
 Validate data quality and verify data meets requirements
 Document transformation process

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7
Q

aggregate

A

presentation of data in summarized form

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8
Q

data joining

A

process of combining different data sources

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9
Q

data pivoting

A

rotating data from rows to columns

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10
Q

parsing

A

separating data from a single field to multiple fields

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11
Q

concatenation

A

combining from multiple fields to single field

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12
Q

cryptic data values

A

data items with no meaning without understanding a coding scheme

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13
Q

misfielded data values

A

data values that are correctly formatted but not listed in correct field

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14
Q

consistency

A

every value in a field should be stored in the same way

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15
Q

imputation

A

process of replacing null or missing value with substituted data

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16
Q

contradiction errors

A

errors exist when the same entity is described in 2 conflicting ways

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17
Q

threshold violation

A

errors that occur when a data value falls outside an allowable level

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18
Q

violated attribute dependencies

A

errors occur when a secondary attribute in row of data does not match the primary attribute.

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19
Q

predictive analytics

A

will it happen in the future?

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20
Q

Descriptive Analytics

A

what happened?

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21
Q

diagnostic analytics

A

why did it happen?

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22
Q

Prescriptive analytics

A

what should we do based on what we expect to happen?

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23
Q

common analytics problems

A

o Data overfitting = model is designed to fit training data very well but does not predict well when applying it to other datasets
o extrapolating being the range = process of estimating a value that is beyond the data used to create the model

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24
Q

benefits of visualization

A

 Visualized data is processed faster than written, easier to use, and supports the dominant learning style of the population (most people are visual learners)

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25
misleading visualization
 Range/timeline of graphs
26
Enterprise Resource Planning
o Integrates activities from the entire organization  * Production  * Payroll  * Sales  * Purchasing  * Financial Reporting
27
Advantages of ERP
 better flow of the information as it’s  stored in a centralized database and can be accessed by various departments  improves customer service.  * Data captured once  * Improve access of control of the data through security settings
28
Disadvantages of ERP
Costly  * Significant amount of time to implement  * Complex  * User resistance (learning new things is sometimes hard for employees)
29
3 approaches to acquiring software
o Canned o * Custom o * Modified
30
system conversion types
o Direct changeover o * Parallel o * Phased o * Pilot
31
principles of COBIT
o 1. Meeting stakeholder needs o 2. Covering the enterprise end-to-end o 3. Applying a single, integrated framework o 4. Enabling a holistic approach o 5. Separating governance from management
32
types of audit risks
o Inherent = exists before plans are made o Residual = left over after you control
33
four audit risks responses
o Reduce = implement effective internal control o Accept = do nothing o Share = buy insurance, outsource, or hedge o Avoid = do not engage in the activity
34
cost benefit analysis equation
o Expected Loss = impact x likelihood
35
fraud triangle
opportunity, pressure, rationalization
36
segregation of accounting duties
o No one individual should do two or more of these function  * Approval function  * Recordkeeping function  * Custody function
37
functions of internal controls
 * Deter problems from occurring  * Discover problems that are not prevented  * Identify and correct problems; correct and recover from the problems
38
Levers of control
o 1. Belief system o 2. Boundary system o 3. Diagnostic control system o 4. Interactive control system
39
GAPP
o 1. Management o 2. Notice o 3. Choice and consent o 4. Collection o 5. Use, retention, and disposal o 6. Access o 7. Disclosure to third parties o 8. Security o 9. Quality o 10.Monitoring and enforcement
40
input controls
make sure that data entered into the system is accurate, valid, & complete
41
processing controls
makes sure that all legitimate transactions are processed accurately
42
output controls
makes sure that all reports or other output are not lost or seen by unauthorized individuals
43
Encryption main factors
key length, key management, and encryption algorithm.
44
2 algorithmic schemes
1. Symmetric-key encryption methods. (fast, suitable for large data) 2. Asymmetric-key encryption methods (slow, suitable for small data)
45
authentication vs authorization
o Authentication  Verifies the person o Authorization  Determines what a person can access
46
cold vs hot site
47
delimiters and text qualifiers
48
o Trojan horse
replicates program to act like “trojan horse”
49
Functions of the Expenditure Cycle (steps)
o * Requisitioning – ensure that needed goods are requested given available resources o * Purchasing – ensure that goods are ordered for a low o * Receiving – ensure that goods are only received for what is ordered and is of good quality; to ensure that the goods are secure o * Accounts payable – know who to pay, when to pay, and how much to pay o * Cash disbursements – pay the supplier the correct amount on time; ensure that cash is safe
50
related source documents for the expenditure cycle
 1. Order materials, supplies, and services  2. Receive materials, supplies, and services  3. invoice  4. Cash disbursement
51
threats to the expenditure cycle
 1. Inaccurate or invalid master data 2. Unauthorized disclosure of sensitive information 3. Loss or destruction of data 4. Poor performance
52
controls for expenditure cycle
 b. Restriction of access to master  data  c. Review of all changes to master  data Encryption
53
functions of the revenue cycle
o * Credit and Collection – ensures collectability of customer accounts o * Shipping –ensures that customers get what they ordered, when they want it, and where they want it o * Billing and Accounts receivable – who owes the company, how much is owed, and when is it due o * Cash Receipts – accurately know what is received by the customer and safeguard cash o * Sales Returns – ensures that returns are properly authorized and tracked
54
related source documents for revenue cycle
 1. Sales order entry 2. Shipping 3. Billing 4. Cash Collections
55
threats to revenue cycle
 1. Inaccurate or invalid master data 2. Unauthorized disclosure of sensitive information 3. Loss or destruction of data 4. Poor performance
56
controls to the revenue cycle
 b. Restrict access to master data  c. Review of all changes to master  data  b. Encryption  c. Tokenization of customer personal information  3 a. Backup and disaster recovery  procedures
57
functions of the conversion cycle
o * Product Design o * Production schedule development o * Work order, materials requisition, and move ticket creation o * Raw material issuance to production o * Convert raw material to finished goods o * Product cost accumulation for the work-in process o * Transfer finished product to finished goods inventory
58
related source documents of fixed assets
 * Asset Acquisition  * Depreciation  * Repairs & Maintenance  * Asset Disposition
59
threats to fixed assets
 Theft  Improper accounting  Lack of authorization
60
controls to fixed assets
 Good policies  Proper authorization  Annual review
61
financing source documents
 Issuing stock  Dividends  Stock options  Require stock  New debt  Interest expenses
62
threat to financing
improper accounting
63
controls to financing
 Verify through minutes  Proper authorization
64
source documents to payroll cycles
 Timecards  Payroll documents
65
threats to payroll cycle
 Theft/fraud  Unauthorized changes to payroll  Inaccurate wage/tax calculations
66
controls to payroll cycle
 Proper authorization  Verify hours w/ manager  Management review
67
Functions of the Financial Reporting Cycle
 * Prepare a preliminary trial balance,  * Prepare and post correcting and adjusting entries,  * Prepare financial statements, and  * Create other managerial reports
68
threats to financial reporting cycle
 1. Inaccurate or invalid general ledger  data  2. Unauthorized disclosure of  financial statement  3. Loss or destruction of data
69
controls of financial reporting
 Restriction of access to G/L  Review of all changes to G/L data  Encryption
70
o Botnet
robots that overrun computers
71
o Denial of service
slows computer down
72
o Spyware
secrete install
73
o Spoofing
seems real but fake source
74
o Social engineering
manipulating someone to get info
75
reorder point equation
ROP = Daily demand × Lead time

AIS (2 decks)

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