Question 1

____ is a process that evaluates the quality of internal control performance over time.

Accepted Answer

A)  Control environment 
B)  Risk assessment 
C)  Control activities 
D)  Monitoring 
A)  Control environment 
B)  Risk assessment 
C)  Control activities 
D)  Monitoring

Question 2

The control goal called ensure ______________________________ is a measure of success in meting one or more goals for the operations process.

Accepted Answer

effectiven

Question 3

Which component of the ERM framework is best described here: Management selects whether to avoid,accept,reduce,or share risk - developing a set of actions to align risks with the entity's risk tolerances and risk appetite.

Accepted Answer

A)  control activities 
B)  event identification 
C)  risk assessment 
D)  risk response 
A)  control activities 
B)  event identification 
C)  risk assessment 
D)  risk response

Question 4

A tool designed to assist you in evaluating the potential effectiveness of controls in a business process by matching control goals with relevant control plans is:

Accepted Answer

A)  ERM 
B)  control plans 
C)  control matrix 
D)  internal controls 
A)  ERM 
B)  control plans 
C)  control matrix 
D)  internal controls

Question 5

Information-processing policies and procedures that assist in accomplishing control goals are known as ______________________________.

Accepted Answer

The answer of Information-processing policies and procedures that assist in...

Question 6

Listed below are 8 descriptions of sections of the Sarbanes-Oxley Act of 2002 (SOX)followed by the names of 8 sections of SOX.
Required:
On the blank line next to the numbered section description enter a letter of the corresponding section name.

Accepted Answer

The answer of Listed below are 8 descriptions of sections...

Question 7

The section of Sarbanes Oxley that prohibits audit firms from providing a wide array of nonaudit services to audit clients is ______________________________.

Accepted Answer

Auditor Independence

Question 8

______________________________ are those events that would have a negative impact on organization objectives.

Accepted Answer

The answer of ______________________________ are those events that would have...

Question 9

A(n)______________________________ control plan is designed to rectify problems that have occurred.

Accepted Answer

The answer of A(n)______________________________ control plan is designed to rectify...

Question 10

Who is legally responsible for establishing and maintaining an adequate system of internal control?

Accepted Answer

A)  the board of directors 
B)  stakeholders 
C)  investors 
D)  management 
A)  the board of directors 
B)  stakeholders 
C)  investors 
D)  management

Question 11

The section of Sarbanes Oxley that authorizes the SEC to censure or deny any person the privilege of appearing or practicing before the SEC if that person is deemed to be unqualified,have acted in an unethical manner,or have aided and abetted in the violation of federal securities laws is ______________________________.

Accepted Answer

Commission Resources

Question 12

Which of the following is not a requirement of SOX Section 404?

Accepted Answer

A)  Evaluate the design of the company's controls to determine if they adequately address the risk that a material misstatement of the financial statements would not be prevented or detected in a timely manner. 
B)  Gather and evaluate evidence about the operation of controls. 
C)  Implement key controls to determine their operating efficiency. 
D)  Present a written assessment of the effectiveness of internal control over financial reporting. 
A)  Evaluate the design of the company's controls to determine if they adequately address the risk that a material misstatement of the financial statements would not be prevented or detected in a timely manner. 
B)  Gather and evaluate evidence about the operation of controls. 
C)  Implement key controls to determine their operating efficiency. 
D)  Present a written assessment of the effectiveness of internal control over financial reporting.

Question 13

The ERM framework is comprised of eight components.Which component includes the policies and procedures established and implemented to help ensure the risk responses are effectively carried out?

Accepted Answer

A)  control activities 
B)  event identification 
C)  risk assessment 
D)  risk response 
A)  control activities 
B)  event identification 
C)  risk assessment 
D)  risk response

Question 14

Risks are those events that could have a negative impact on organization objectives.

Accepted Answer

A) True 
 B)False

Question 15

A business event which is not properly authorized violates the control goal of:

Accepted Answer

A)  input validity 
B)  input completeness 
C)  input accuracy 
D)  update validity 
A)  input validity 
B)  input completeness 
C)  input accuracy 
D)  update validity

Question 16

A(n)______________________________ is a series of actions or operations leading to a particular and usually desirable result.

Accepted Answer

The answer of A(n)______________________________ is a series of actions or...

Question 17

COSO's ______________________________ is a process that assesses the quality of internal control performance over time.

Accepted Answer

The answer of COSO's ______________________________ is a process that assesses...

Question 18

Automated business process controls contained within IT systems are called:

Accepted Answer

A)  preventive controls 
B)  pervasive controls 
C)  application controls 
D)  management controls 
A)  preventive controls 
B)  pervasive controls 
C)  application controls 
D)  management controls

Question 19

____ sets the tone of the organization,influencing the control consciousness of its people.

Accepted Answer

A)  Control environment 
B)  Risk assessment 
C)  Control activities 
D)  Monitoring 
A)  Control environment 
B)  Risk assessment 
C)  Control activities 
D)  Monitoring

____ is a process that evaluates the quality of internal control performance over time.

The control goal called ensure ______________________________ is a measure of success in meting one or more goals for the operations process.

Which component of the ERM framework is best described here: Management selects whether to avoid,accept,reduce,or share risk - developing a set of actions to align risks with the entity's risk tolerances and risk appetite.

A tool designed to assist you in evaluating the potential effectiveness of controls in a business process by matching control goals with relevant control plans is:

Information-processing policies and procedures that assist in accomplishing control goals are known as ______________________________.

Listed below are 8 descriptions of sections of the Sarbanes-Oxley Act of 2002 (SOX)followed by the names of 8 sections of SOX. Required: On the blank line next to the numbered section description enter a letter of the corresponding section name.

The section of Sarbanes Oxley that prohibits audit firms from providing a wide array of nonaudit services to audit clients is ______________________________.

______________________________ are those events that would have a negative impact on organization objectives.

A(n)______________________________ control plan is designed to rectify problems that have occurred.

Who is legally responsible for establishing and maintaining an adequate system of internal control?

Which of the following is not a requirement of SOX Section 404?

The ERM framework is comprised of eight components.Which component includes the policies and procedures established and implemented to help ensure the risk responses are effectively carried out?

Risks are those events that could have a negative impact on organization objectives.

A business event which is not properly authorized violates the control goal of:

A(n)______________________________ is a series of actions or operations leading to a particular and usually desirable result.

COSO's ______________________________ is a process that assesses the quality of internal control performance over time.

Automated business process controls contained within IT systems are called:

____ sets the tone of the organization,influencing the control consciousness of its people.

Introduction to Accounting Information Systems

Enterprise Systems

Electronic Business E-Business-Systems

Documenting Information Systems

Database Management Systems

Relational Databases and SQL

Controlling Information Systems: Introduction to Pervasive Controls

Controlling Information Systems: Business Process and Application Controls

The Order Entrysales Oesprocess

The Billingaccounts Receivablecash Receipts Barcrprocess

The Purchasing Process

The Accounts Payablecash Disbursements Apcdprocess

The Human Resources Process Hrmanagement and Payroll Processes

Integrated Production Processes IPP

The General Ledger and Business Reporting Glbrprocess

Acquiring and Implementing Accounting Information Systems

Filters

Exam 7: Controlling Information Systems: Introduction to Enterprise Risk Management and Internal Control

____ is a process that evaluates the quality of internal control performance over time.

The control goal called ensure ______________________________ is a measure of success in meting one or more goals for the operations process.

Which component of the ERM framework is best described here: Management selects whether to avoid,accept,reduce,or share risk - developing a set of actions to align risks with the entity's risk tolerances and risk appetite.

A tool designed to assist you in evaluating the potential effectiveness of controls in a business process by matching control goals with relevant control plans is:

Information-processing policies and procedures that assist in accomplishing control goals are known as ______________________________.

Listed below are 8 descriptions of sections of the Sarbanes-Oxley Act of 2002 (SOX)followed by the names of 8 sections of SOX. Required: On the blank line next to the numbered section description enter a letter of the corresponding section name.

The section of Sarbanes Oxley that prohibits audit firms from providing a wide array of nonaudit services to audit clients is ______________________________.

______________________________ are those events that would have a negative impact on organization objectives.

A(n)______________________________ control plan is designed to rectify problems that have occurred.

Who is legally responsible for establishing and maintaining an adequate system of internal control?

Which of the following is not a requirement of SOX Section 404?

The ERM framework is comprised of eight components.Which component includes the policies and procedures established and implemented to help ensure the risk responses are effectively carried out?

Risks are those events that could have a negative impact on organization objectives.

A business event which is not properly authorized violates the control goal of:

A(n)______________________________ is a series of actions or operations leading to a particular and usually desirable result.

COSO's ______________________________ is a process that assesses the quality of internal control performance over time.

Automated business process controls contained within IT systems are called:

____ sets the tone of the organization,influencing the control consciousness of its people.

Introduction to Accounting Information Systems

Enterprise Systems

Electronic Business E-Business-Systems

Documenting Information Systems

Database Management Systems

Relational Databases and SQL

Controlling Information Systems: Introduction to Pervasive Controls

Controlling Information Systems: Business Process and Application Controls

The Order Entrysales Oesprocess

The Billingaccounts Receivablecash Receipts Barcrprocess

The Purchasing Process

The Accounts Payablecash Disbursements Apcdprocess

The Human Resources Process Hrmanagement and Payroll Processes

Integrated Production Processes IPP

The General Ledger and Business Reporting Glbrprocess

Acquiring and Implementing Accounting Information Systems

Filters