Question 1

List and define the 10 generally accepted privacy principles.

Accepted Answer

1. Management. The entity defines, docum

Question 2

Which COSO Internal Control-Integrated Framework essential component of an effective internal control system includes the accounting system for identifying, recording, processing, and reporting transactions and financial data?

Accepted Answer

A) Monitoring 
B) Information and Communication 
C) Control Activities 
D) Control Environment 
A) Monitoring 
B) Information and Communication 
C) Control Activities 
D) Control Environment

Question 3

Processing controls ensure reports and other output are distributed properly.

Accepted Answer

A) True 
 B)False

Question 4

SOX section 302 requires each annual report of a publicly traded company to contain an internal control report stating the management's responsibility to establish and maintain an adequate system of internal control for financial reporting.

Accepted Answer

A) True 
 B)False

Question 5

________ reports are issued by the service organization to report on its controls relevant to a company's internal control over financial reporting.

Accepted Answer

The answer of ________ reports are issued by the service...

Question 6

Corruption involves theft of assets for personal gain.

Accepted Answer

A) True 
 B)False

Question 7

For internal control to be effective what two things does an enterprise need?

Accepted Answer

1. Stated policies and procedu

Question 8

Which organization was created by the Sarbanes-Oxley Act of 2002?

Accepted Answer

A) Public Company Accounting Oversight Board (PCAO
B)  
B) Institute of Management Accountants (IM
A)  
C) Security and Exchange Commission (SE
C)  
D) Committee of Sponsoring Organizations of the Treadway Commission (COSO) 
A) Public Company Accounting Oversight Board (PCAO
B)  
B) Institute of Management Accountants (IM
A)  
C) Security and Exchange Commission (SE
C)  
D) Committee of Sponsoring Organizations of the Treadway Commission (COSO)

Question 9

What do the audit committee's responsibilities include?

Accepted Answer

1. The integrity of the organization's f

Question 10

Not even the strongest system of controls can eliminate all risk of organizations being defrauded by employees who are sufficiently motivated to find loopholes.

Accepted Answer

A) True 
 B)False

Question 11

Match the internal auditors code of conduct principle with the appropriate definition.
-Confidentiality

Accepted Answer

A) Shall engage only in those services for which they have the necessary knowledge, skills, and experience. 
B) Shall be prudent in the use and protection of information acquired in the course of their duties. 
C) Shall perform their work with honesty, diligence, and responsibility. 
D) Shall not participate in any activity or relationship that may impair or be presumed to impair their unbiased assessment. 
A) Shall engage only in those services for which they have the necessary knowledge, skills, and experience. 
B) Shall be prudent in the use and protection of information acquired in the course of their duties. 
C) Shall perform their work with honesty, diligence, and responsibility. 
D) Shall not participate in any activity or relationship that may impair or be presumed to impair their unbiased assessment.

Question 12

What percentage of occupational fraud is committed by upper management?

Accepted Answer

A) 19% 
B) 33% 
C) 29% 
D) 12% 
A) 19% 
B) 33% 
C) 29% 
D) 12%

Question 13

________ reports are issued by the service organization to report on controls other than those relevant to a company's internal control related to financial reporting.

Accepted Answer

The answer of ________ reports are issued by the service...

Question 14

Which Rule of Conduct for internal auditors states that they shall respect and contribute to the legitimate and ethical objectives of the organization.

Accepted Answer

A) Confidentiality 
B) Competency 
C) Objectivity 
D) Integrity 
A) Confidentiality 
B) Competency 
C) Objectivity 
D) Integrity

Question 15

The Sarbanes-Oxley Act of 2002, which would become known as SOX, created the ________ to oversee and regulate public companies and their auditors.

Accepted Answer

Public Com

Question 16

Which level in the company corresponds to the Entity-Level IT Controls?

Accepted Answer

A) Top management 
B) Information management 
C) Business processes 
D) IT services 
A) Top management 
B) Information management 
C) Business processes 
D) IT services

Question 17

Define the four aspects of the Trust Services framework.

Accepted Answer

Policies. The organization has defined a

Question 18

What is internal control and what is its purpose?

Accepted Answer

Internal control is a process, effected

Question 19

Match the privacy principle to the correct 
-Access
definition.

Accepted Answer

A) The entity defines, documents, communicates, and assigns accountability for its privacy policies and procedures. 
B) The entity provides information about its privacy policies and procedures and identifies the purposes for which personal information is collected, used, retained, and disclosed. 
C) The entity limits the use of personal information to the purposes identified in the notice and for which the individual has provided implicit or explicit consent. The entity retains personal information only for as long as necessary to fulfill the stated purposes. 
D) The entity maintains accurate, complete, and relevant personal information for the purposes identified in the notice. 
E) The entity shares personal information to third parties only for the purposes identified in the notice and with the implicit or explicit consent of the individual.
F)The entity monitors compliance with its privacy policies and procedures and has procedures to address privacy-related complaints and disputes.
G)The entity provides individuals their personal information for review and update.
H)The entity collects personal information only for the purposes identified in the notice.
I)The entity describes the choices available to the individual and obtains implicit or explicit consent with respect to the collection, use, and disclosure of personal information.
J)The entity protects personal information against unauthorized access (both physical and logical). 
A) The entity defines, documents, communicates, and assigns accountability for its privacy policies and procedures. 
B) The entity provides information about its privacy policies and procedures and identifies the purposes for which personal information is collected, used, retained, and disclosed. 
C) The entity limits the use of personal information to the purposes identified in the notice and for which the individual has provided implicit or explicit consent. The entity retains personal information only for as long as necessary to fulfill the stated purposes. 
D) The entity maintains accurate, complete, and relevant personal information for the purposes identified in the notice. 
E) The entity shares personal information to third parties only for the purposes identified in the notice and with the implicit or explicit consent of the individual.
F)The entity monitors compliance with its privacy policies and procedures and has procedures to address privacy-related complaints and disputes.
G)The entity provides individuals their personal information for review and update.
H)The entity collects personal information only for the purposes identified in the notice.
I)The entity describes the choices available to the individual and obtains implicit or explicit consent with respect to the collection, use, and disclosure of personal information.
J)The entity protects personal information against unauthorized access (both physical and logical).

Question 20

Match the internal auditors code of ethics principle to the appropriate definition.
-Integrity

Accepted Answer

A) Internal auditors exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined. 
B) The integrity of internal auditors establishes trust and thus provides the basis for reliance on their judgment. 
C) Internal auditors respect the value and ownership of information they receive and do not disclose information without appropriate authority unless there is a legal or professional obligation to do so. 
D) Internal auditors apply the knowledge, skills, and experience needed in the performance of internal audit services. 
A) Internal auditors exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined. 
B) The integrity of internal auditors establishes trust and thus provides the basis for reliance on their judgment. 
C) Internal auditors respect the value and ownership of information they receive and do not disclose information without appropriate authority unless there is a legal or professional obligation to do so. 
D) Internal auditors apply the knowledge, skills, and experience needed in the performance of internal audit services.

List and define the 10 generally accepted privacy principles.

Which COSO Internal Control-Integrated Framework essential component of an effective internal control system includes the accounting system for identifying, recording, processing, and reporting transactions and financial data?

Processing controls ensure reports and other output are distributed properly.

SOX section 302 requires each annual report of a publicly traded company to contain an internal control report stating the management's responsibility to establish and maintain an adequate system of internal control for financial reporting.

________ reports are issued by the service organization to report on its controls relevant to a company's internal control over financial reporting.

Corruption involves theft of assets for personal gain.

For internal control to be effective what two things does an enterprise need?

Which organization was created by the Sarbanes-Oxley Act of 2002?

What do the audit committee's responsibilities include?

Not even the strongest system of controls can eliminate all risk of organizations being defrauded by employees who are sufficiently motivated to find loopholes.

Match the internal auditors code of conduct principle with the appropriate definition. -Confidentiality

What percentage of occupational fraud is committed by upper management?

________ reports are issued by the service organization to report on controls other than those relevant to a company's internal control related to financial reporting.

Which Rule of Conduct for internal auditors states that they shall respect and contribute to the legitimate and ethical objectives of the organization.

The Sarbanes-Oxley Act of 2002, which would become known as SOX, created the ________ to oversee and regulate public companies and their auditors.

Which level in the company corresponds to the Entity-Level IT Controls?

Define the four aspects of the Trust Services framework.

What is internal control and what is its purpose?

Match the privacy principle to the correct -Access definition.

Match the internal auditors code of ethics principle to the appropriate definition. -Integrity

Accounting Systems Insights

Accounting Databases

Accounting Interface: Database Forms, Queries, and Reports

Accounting Systems and Business Processes

Business Processes: Purchasing, Sales, and Payroll Cycles

Integrated Enterprise Systems and Cloud Computing

Accounting and Business Intelligence

Accounting and Sustainability Intelligence

XBRL: Intelligent Business Reporting

Cybersecurity

The Risk Intelligent Enterprise: Enterprise Risk Management

Accounting System Development

Database Design: ERD, REA, and SQL

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Exam 10: Fraud and Internal Control

List and define the 10 generally accepted privacy principles.

Which COSO Internal Control-Integrated Framework essential component of an effective internal control system includes the accounting system for identifying, recording, processing, and reporting transactions and financial data?

Processing controls ensure reports and other output are distributed properly.

SOX section 302 requires each annual report of a publicly traded company to contain an internal control report stating the management's responsibility to establish and maintain an adequate system of internal control for financial reporting.

________ reports are issued by the service organization to report on its controls relevant to a company's internal control over financial reporting.

Corruption involves theft of assets for personal gain.

For internal control to be effective what two things does an enterprise need?

Which organization was created by the Sarbanes-Oxley Act of 2002?

What do the audit committee's responsibilities include?

Not even the strongest system of controls can eliminate all risk of organizations being defrauded by employees who are sufficiently motivated to find loopholes.

Match the internal auditors code of conduct principle with the appropriate definition. -Confidentiality

What percentage of occupational fraud is committed by upper management?

________ reports are issued by the service organization to report on controls other than those relevant to a company's internal control related to financial reporting.

Which Rule of Conduct for internal auditors states that they shall respect and contribute to the legitimate and ethical objectives of the organization.

The Sarbanes-Oxley Act of 2002, which would become known as SOX, created the ________ to oversee and regulate public companies and their auditors.

Which level in the company corresponds to the Entity-Level IT Controls?

Define the four aspects of the Trust Services framework.

What is internal control and what is its purpose?

Match the privacy principle to the correct -Access definition.

Match the internal auditors code of ethics principle to the appropriate definition. -Integrity

Accounting Systems Insights

Accounting Databases

Accounting Interface: Database Forms, Queries, and Reports

Accounting Systems and Business Processes

Business Processes: Purchasing, Sales, and Payroll Cycles

Integrated Enterprise Systems and Cloud Computing

Accounting and Business Intelligence

Accounting and Sustainability Intelligence

XBRL: Intelligent Business Reporting

Cybersecurity

The Risk Intelligent Enterprise: Enterprise Risk Management

Accounting System Development

Database Design: ERD, REA, and SQL

Filters