IT - Organizational Needs Assessment

Question 1

5 components of IT

Answer 1

Hardware, Software, Data, People, Networks

Question 2

Data Capture

Answer 2

1st step in processing transactions,

Question 3

Master File

Answer 3

Examples are: Vendors, Customers, Inv. Items

Question 4

Data Processing Cycle

Answer 4

Data Input
Data Storage
Data Processing
Information Output

Question 5

2 methods of performing file maint.

Answer 5

Batch Processing (Ok for GL or PR)

Online, Realtime Processing (OLRT) (Used for ticket reservations, etc. need for timeliness)

Question 6

Business Information Systems allow a business to perform the following functions on data:

Answer 6

Collect, 
Process, 
Store, 
Transform, and 
Distribute

Question 7

XBRL,(eXtensible Business Reporting Language)

(examples of what it might indicate-GAAP or IFRS, the currency, the time period)

Makes data comparable

Answer 7

XBRL is an open, royalty-free, Internet-based information standard for business reporting of all kinds.

XBRL labels data so that they are provided with context that remains with them and brings conformity to the names by which they are recognized by disparate software.

Question 8

Relevance

Answer 8

Defines that quality of data and information that makes a DIFFERENCE in decision making.

Relevance has the greatest impact on management’s ability to make effective decisions.

Question 9

COBIT - INFORMATION Criteria (7 of them)

The business requirements for information.

Cold & Fast
ICE RACE

Answer 9

ICE RACE

Integrity
Confidentiality
Efficiency

Reliability
Availability
Compliance
Effectiveness

Question 10

COBIT - GOVERNANCE OBJECTIVES

Answer 10

Strategic Alliance
Value Delivery (cost/benefit)
Resource Mgmt
Risk Mgmt. (Risk awareness, appetite, assessment, and responses).
Risk - Avoid, Mitigate, Share or Ignore.
Performance Measurement-how are we doing?

Question 11

COBIT - IT RESOURCES

Answer 11

Applications
Information
Infrastructure
People

Question 12

COBIT - DOMAINS & PROCESSES

Remember “Purchase Order”

“Purchase Order Aids Me”

Answer 12

PO - Plan & Organize
AI - Acquire & Implement
DS - Deliver & Support
ME - Monitor & Evaluate

Question 13

Role of Technology Systems in Control Monitoring

Answer 13

General Controls

Application Controls-Accuracy, Completeness, Validity, Authorization

Input Controls - Yr is proper, acct. # is proper, prenumbered forms.

Processing Controls - data matching.