P3 - 6. Control and Information Systems Flashcards

1
Q

What is the control environment?

A

Management’s attitude and philosophy regarding control

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2
Q

What are the 6 main types of control procedure?

A
  1. Organisation structure and autonomy
  2. Authorisation
  3. Supervision
  4. Physical
  5. Segregation of duties
  6. Arithmetical and accounting
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3
Q

What are the 2 categories of control activity?

A
  1. Preventative
  2. Detective
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4
Q

What is fraud?

A

Deliberate deception, usually for personal gain

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5
Q

What are the 4 main types of fraud?

A
  1. Ghost employees
  2. Inflated expense claims
  3. Collusion with external parties
  4. Teeming and lading
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6
Q

What are the 4 main internal controls that take account of the risk of fraud?

A
  1. Fraud policy statements
  2. Recruitment procedures
  3. Employee training/ being alert
  4. Whistleblowing
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7
Q

What are the 4 main considerations in a fraud response plan?

A
  1. Who will lead the investigation
  2. The investigation method
  3. How to deal with suspects
  4. Systems to be implemented to reduce in future
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8
Q

What are the 3 categories of Information strategies?

A
  1. Information Systems strategy (long term plan, what information and how to acquire)
  2. Information Technology (what systems, software and hardware)
  3. Information Management (storage and provision to users)
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9
Q

What are the 4 main costs of information?

A
  1. Direct capture costs
  2. Processing costs
  3. Indirect costs (incl loss of other opportunities)
  4. Cost of time spent analysing
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10
Q

What are the 4 systems controls that can be implemented at development/implementation stage?

A
  1. Planning/feasibility study
  2. Systems design
  3. Systems development, testing and training
  4. Maintenance
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11
Q

What are 5 general IS controls?

A
  1. Passwords
  2. Multi-factor authentication
  3. Personnel controls
  4. Contingency and backup
  5. Virus protection
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12
Q

What are 3 application controls that can be implemented within systems?

A
  1. Data verification for mandatory fields
  2. Data validation e.g. credit card details
  3. Exception reports
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13
Q

What are 5 key elements of a disaster recovery plan?

A
  1. Responsibilities
  2. Priorities
  3. Back-up and standby arrangements
  4. Recovery procedures
  5. Communications and PR
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14
Q

What are the 4 things that can be gained through big data analysis?

A
  1. Competitive advantage
  2. Opportunities for cost decrease or revenue increase
  3. Better picture of customers
  4. Better picture of competitors
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15
Q

What are the 4 challenges with Big Data?

A
  1. Breaking down data silos in an organisation
  2. Platforms for the unstructured data
  3. Determining which data is relevant
  4. Security and data protection
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