Exam 7: Control and Accounting Information Systems

The organization chart for Renata Corporation includes a controller and an information processing manager,both of whom report to the vice president of finance.Which of the following would be a control weakness?

Congress passed this federal law for the purpose of preventing financial statement fraud,to make financial reports more transparent and to strengthen the internal control of public companies.

Upon getting into your new car,you suddenly became worried that you might become injured in an auto accident.In response,you decided to ride your bike instead.You chose to ________ the risk of being injured in an auto accident.

A(n)________ helps top-level managers with high-level activities that demand frequent and regular attention.

Discuss the weaknesses in COSO's internal control framework that led to the development of the COSO Enterprise Risk Management framework.

Independent checks on performance include all the following except

According to the ERM,these help the company address all applicable laws and regulations.

A(n)________ measures company progress by comparing actual performance to planned performance.

Applying the COBIT5 framework,governance is the responsibility of

The SEC and FASB are best described as external influences that directly affect an organization's

According to the ERM,high level goals that are aligned with and support the company's mission are

Applying the COBIT5 framework,monitoring is the responsibility of

At a movie theater box office,all tickets are sequentially prenumbered.At the end of each day,the beginning ticket number is subtracted from the ending number to calculate the number of tickets sold.Cash is counted and compared with the number of tickets sold.Which of the following situations does this control detect?

Irene Pacifica was relaxing after work with a colleague at a local watering hole.Well into her second martini,she began expressing her feelings about her work environment.Recently,every employee of the firm was required to attend a sexual harassment workshop.The level of control that the company is using in this case is a(n)

Upon getting into your new car,you suddenly became worried that you might become injured in an auto accident.You decided to buckle your seat belt in response.You chose to ________ the risk of being injured in an auto accident.

________ remains after management implements internal control(s).

The primary purpose of the Foreign Corrupt Practices Act of 1977 was

Which type of control is associated with making sure an organization's control environment is stable?

Which of the following is an independent check on performance?

The first step of the risk assessment process is generally to