• a. A threat is any potential adverse occurrence or unwanted event that could injure the AIS or the organization.
    b. The exposure or impact of the threat is the potential dollar loss that would occur if the threat becomes a reality.
    c. The likelihood is the probability that the threat will occur.

  • To use IT in achieving control objectives, accountants must:
    a.Understand how to protect systems from threats.
    b.Have a good understanding of IT and its capabilities and risks.

  • SOX only requires a code of ethics for senior financial management. However, the ACFE suggests that companies create a code of conduct for all employees:
    a. Should be written at a fifth-grade level.
    b. Should be reviewed annually with employees and signed.
    c. This approach helps employees keep themselves out of trouble.
    d. Helps the company if…[Read more]

  • Companies face four types of threats to their information systems:
    1. Natural and political disasters
    2. Software errors and equipment malfunction
    3. Unintentional acts
    4. Intentional acts (computer crime)

  • Database technology provides the following benefits to organizations:
    1. Data integration
    2. Data sharing
    3. Reporting flexibility
    4. Minimal data redundancy and inconsistencies
    5. Data independence
    6. Central management of data
    7. Cross-functional analysis

  • five major transaction cycles:
    1. Revenue cycle
    2. Expenditure cycle
    3. Production cycle
    4. Human resources/payroll cycle
    5. Financing cycle

  • Characteristics that make information useful:
    1. Relevance
    2. Reliability
    3. Completeness
    4. Timeliness
    5. Understandability
    6. Verifiability
    7. Accessibility

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