Exam 7: Internal Controls I

To promote ethical and responsible decision making,an organisation should: (i)have clearly specified codes of conduct for employees and management (ii)have standards for dealing with various organisational stakeholders (iii)have procedures to be followed when investigating potential unethical activities within the organisation (iv)take legal actions immediately against unethical conducts.

What are the four main objectives of IT governance?

Control activities: (i)are the responses by management to the risks identified in the risk assessment stage (ii)are policies and procedures that help ensure that management directives are carried out (iii)are also called control procedures.

The effectiveness of internal control systems is determined by:

Into which stage would providing backup and disaster recovery procedures fit?

What is groupthink and how is it relevant to great governance?

Which of the following principle is not part of the principles for corporate governance identified by the ASX Corporate Governance Council?

What is the connection between the concept of accountability and corporate governance?

The focus of the plan and organise stage in the COBIT framework include: (i)being aware of the current organisational use of IT (ii)being aware of opportunities that may exist for future IT developments (iii)planning for the future IT needs of the organisation (iv)how the new system is to be used by the users within the organisation.

Describe the merits and nature of audit committees.

Protecting the IT resources,ensuring the reliable and continuous operations and developing a disaster recovery plan are all aspects of:

Which of the following is related to corporate governance? (i)Goal setting (ii)Risk management (iii)Performance measurement and management

COBIT offers control objectives and guidance that relate to the stages of: (i)planning for IT acquisition (ii)acquiring IT resources (iii)operating IT resources (iv)monitoring and assessing IT resources

Different transactions and events are NOT impacted by the which of the following assertion?

Which of the following is the objective(s)of a corporate governance system? (i)To ensure that minority shareholders receive reliable information about the value of firms and that a company's managers and large shareholders do not cheat them out of the value of their investments.(ii)To motivate managers to maximise firm value instead of pursuing personal objectives.(iii)To encourage companies to create value,through entrepreneurialism,innovation,development and exploration,and provide accountability and control systems commensurate with the risks involved.

Major IT stages outline by the COBIT framework do not include:

Which of the following is NOT one of the objectives of the organisation as stated in the ERM framework?

Corporate governance is about: (i)the many relationships in which an organisation is involved and how these relationships are managed (ii)putting in place policies that allow for the various relationships of the organisation to be successfully managed (iii)putting in place structures that allow for the various relationships of the organisation to be successfully managed.

The OECD's definition of corporate governance has specifically outlined the relationships between:

Which of the following is the most important requirement of internal control?