Question 1

What is the main difference between a SOC 2 and SOC 3 report?

Accepted Answer

The main difference between SOC 2 and SO

Question 2

Which Rule of Conduct for internal auditors states that they will not knowingly be a party to any illegal activity, or engage in acts that are discreditable to the profession of internal auditing or to the organization?

Accepted Answer

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

Question 3

What percentage of fraud cases were inadequate internal controls cited as a primary contributing factor?

Accepted Answer

A) 48% 
B) 29% 
C) 35% 
D) 42% 
A) 48% 
B) 29% 
C) 35% 
D) 42%

Question 4

List the four aspects of the Trust Services framework.

Accepted Answer

Policies, Communicat

Question 5

Motive and opportunity without means still results in fraud.

Accepted Answer

A) True 
 B)False

Question 6

________ should be assessed periodically by the organization to identify specific potential schemes and events that the organization needs to mitigate.

Accepted Answer

Fraud Risk

Question 7

The ________ of internal auditors establishes trust and thus provides the basis for reliance on their judgment.

Accepted Answer

The answer of The ________ of internal auditors establishes trust...

Question 8

Which COSO Internal Control-Integrated Framework essential component of an effective internal control system involves assessing internal controls as well as the process for taking corrective action?

Accepted Answer

A) Control Environment 
B) Risk Assessment 
C) Monitoring 
D) Control Activities 
A) Control Environment 
B) Risk Assessment 
C) Monitoring 
D) Control Activities

Question 9

________ focuses on managing when revenues and expenses are recorded in order to favorably reflect a company's financial performance in a legal manner.

Accepted Answer

The answer of ________ focuses on managing when revenues and...

Question 10

Which general IT control includes control over SDLC phases for software upgrades and modifications?

Accepted Answer

A) Program development controls 
B) Access security controls 
C) Computer operations controls 
D) Program change controls 
A) Program development controls 
B) Access security controls 
C) Computer operations controls 
D) Program change controls

Question 11

What percentage of occupational fraud is committed by the accounting department?

Accepted Answer

A) 10% 
B) 29% 
C) 12% 
D) 21% 
A) 10% 
B) 29% 
C) 12% 
D) 21%

Question 12

Match the privacy principle to the correct 
-Use and Retention
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 13

For internal control to be effective, an organization needs stated ________ and ________ for internal controls.

Accepted Answer

policies,

Question 14

In a(n)________, the auditor performs tests of controls and substantive procedures.

Accepted Answer

audit of f

Question 15

Which report provides an opinion regarding fairness of the service organization's description of controls other than those relevant to a company's internal control related to financial reporting, including the service auditor tests controls and expresses an opinion regarding the effectiveness of the controls?

Accepted Answer

A) SOC 1 Type 1 Report 
B) SOC 1 Type 2 Report 
C) SOC 2 Type 1 Report 
D) SOC 2 Type 2 Report 
A) SOC 1 Type 1 Report 
B) SOC 1 Type 2 Report 
C) SOC 2 Type 1 Report 
D) SOC 2 Type 2 Report

What is the main difference between a SOC 2 and SOC 3 report?

Which Rule of Conduct for internal auditors states that they will not knowingly be a party to any illegal activity, or engage in acts that are discreditable to the profession of internal auditing or to the organization?

What percentage of fraud cases were inadequate internal controls cited as a primary contributing factor?

List the four aspects of the Trust Services framework.

Motive and opportunity without means still results in fraud.

________ should be assessed periodically by the organization to identify specific potential schemes and events that the organization needs to mitigate.

The ________ of internal auditors establishes trust and thus provides the basis for reliance on their judgment.

Which COSO Internal Control-Integrated Framework essential component of an effective internal control system involves assessing internal controls as well as the process for taking corrective action?

________ focuses on managing when revenues and expenses are recorded in order to favorably reflect a company's financial performance in a legal manner.

Which general IT control includes control over SDLC phases for software upgrades and modifications?

What percentage of occupational fraud is committed by the accounting department?

Match the privacy principle to the correct -Use and Retention definition.

For internal control to be effective, an organization needs stated and for internal controls.

In a(n)________, the auditor performs tests of controls and substantive procedures.

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

Exam 10: Fraud and Internal Control

What is the main difference between a SOC 2 and SOC 3 report?

Which Rule of Conduct for internal auditors states that they will not knowingly be a party to any illegal activity, or engage in acts that are discreditable to the profession of internal auditing or to the organization?

What percentage of fraud cases were inadequate internal controls cited as a primary contributing factor?

List the four aspects of the Trust Services framework.

Motive and opportunity without means still results in fraud.

________ should be assessed periodically by the organization to identify specific potential schemes and events that the organization needs to mitigate.

The ________ of internal auditors establishes trust and thus provides the basis for reliance on their judgment.

Which COSO Internal Control-Integrated Framework essential component of an effective internal control system involves assessing internal controls as well as the process for taking corrective action?

________ focuses on managing when revenues and expenses are recorded in order to favorably reflect a company's financial performance in a legal manner.

Which general IT control includes control over SDLC phases for software upgrades and modifications?

What percentage of occupational fraud is committed by the accounting department?

Match the privacy principle to the correct -Use and Retention definition.

For internal control to be effective, an organization needs stated ________ and ________ for internal controls.

In a(n)________, the auditor performs tests of controls and substantive procedures.

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

For internal control to be effective, an organization needs stated and for internal controls.