internal control and overall risk management frameworks

internal control and overall risk management frameworks

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A618 Final Exam –

My Name: ____________________________________________________

Score on Problem 1: ____________out of 25

Score on Problem 2: ___________out of 25

Score on MC Questions: ___________ out of 50

Total Score: ______________________out of 100

The final is open book, open note. However, you must not receive assistance from any current or former students of this course. It is due November 30, 2019 (note: Saturday night) at 11:59 pm-submit to Assignments in Leo where it says Final Exam. The test consists of two essay questions and 25 multiple choice questions. Answers to the two essay questions and the multiple choice can be provided using this one Word file with your name please as part of the file name. You should use this file and submit it with your answers on it, directly.

Essay Research Question 1 (25 points)

Discuss the advantages and the potential disadvantages of using generalized audit software. Provide examples of specific types of generalized audit software which are available. Use your own words (no cutting and pasting). This submission should be at least 2-pages in length, excluding any References, double-spaced (longer submissions are acceptable).

Essay Research Question 2 (25 points)

Thinking about the concepts in COSO regarding the importance of the Internal Environment in the overall internal control and overall risk management frameworks, which factors included in COSOs Internal Environment could impact, especially negatively, the quality, privacy, and the confidentiality of vendor data entered into the information system? Use your own words (no cutting and pasting). Be specific, please including specific examples, too, as part of your response. This submission should also be at least 2-pages in length, excluding any References, double-spaced (longer submissions are acceptable).

Multiple Choice Questions (50 points-2 points each) (Please darken in yellow color your chosen answer choice for each Question).

  1. Which of the following is not a component of internal control as set forth by the COSO internal control framework?
  2. Control environment.
  3. Control activities.
  4. Risk assessment.
  5. Segregation of duties.
  6. Which of the following is not a monitoring device for effective corporate governance?
  7. The audit committee.
  8. The chief financial officer.
  9. The SEC.
  10. External auditors.
  11. Effective enterprise risk management will provide the following benefits for a company except:
  12. Fewer financial surprises.
  13. Ability to seize opportunities.
  14. Avoidance of all significant risks.
  15. Alignment of risk with risk appetite.
  16. Which of the following is not an appropriate response to an identified enterprise risk?
  17. Acceptance.
  18. Avoidance.
  19. Sharing.
  20. Assessing
  21. A data model developed specifically for use in designing accounting information databases is
  22. REA data model.
  23. Data definition language.
  24. Entity-relationship model.
  25. Networked model
  26. The type of system most likely to be used to initially record the daily processing of transactions is
  27. Transaction processing system.
  28. Management information system.
  29. Decision support system.
  30. Executive information system.
  31. Which of the following is correct concerning the Internet?
  32. All communications are processed using URL—Uniform Resource Language.
  33. It is composed of an international collection of networks of independently owned computers.
  34. It requires the use of viruses, which invariably escape their proper primary use and infect user computers.
  35. The operating center of the Internet is headquartered in the New York World Wide Web Center.
  36. Devon Company is using an Enterprise Risk Management system. Management of the company has set objectives, identified events, and assessed risks. What is the next step?
  37. Establish controls to manage the risks.
  38. Monitor the risks.
  39. Determine responses to the risks.
  40. Identify activities
  41. IDEA audit software is generally used for
  42. testing controls
  43. substantive testing of account balances
  44. forensic accounting
  45. all of the above
  46. b and c only
  47. Management has decided to respond to risk by hedging the risk with futures contracts. This is:
  48. avoidance
  49. acceptance
  50. reduction
  51. sharing
  52. Which attribute is required to exist in each table of a relational database and serves as the “unique identifier” for each record in a table”
  53. foreign key
  54. unique identifier
  55. primary key
  56. key attribute
  57. What describes each attribute in a database?
  58. data dictionary
  59. composite primary key
  60. descriptive attributes
  61. data dictionary
  62. The advantages of storing data in a database include which of the following:
  63. help in enforcing business rules
  64. increased information redundancy
  65. to communicate the results and insights found through the analysis
  66. all of the above
  67. a and c only
  68. Why is a Supplier ID considered to be a primary key for a Supplier table?
  69. it contains a unique identifier for each supplier
  70. it is a 10-digit number
  71. because supplier is always part of a many-to-many relationship.
  72. it is used to identify different supplier categories.
  73. What are attributes that exist in a relational database that are neither primary nor foreign keys?
  74. nondescript attributes
  75. descriptive attributes
  76. composite key
  77. relational table attribute
  78. Which of the following is not a limitation of internal control?
  79. human judgement in decision making may be faulty
  80. external forces may attack the system
  81. management may override internal control
  82. controls may be circumvented by collusion.
  83. Which of the following defines the time period, the level of materiality, and the expected time for an audit?
  84. audit scope
  85. potential risk
  86. methodology
  87. procedures and specific tasks
  88. When there is an alarm in a continuous audit, but there is no abnormal event, we would call that a
  89. false negative
  90. true negative
  91. true positive
  92. false positive
  93. XBRL stands for:
  94. Extensible Business Reporting Language
  95. Extensive Business Reporting Language
  96. XML Business Reporting Language
  97. Excel Business Reporting Language
  98. Which term describes and defines each XBRL financial element
  99. data dictionary
  100. descriptive statistics
  101. XBRL-GL
  102. Taxonomy
  103. Which of the following is not a benefit of enterprise risk management?
  104. reduces operational surprises
  105. provides integrated responses to multiple risks
  106. ensures that the organization shares all major risks.
  107. identifies opportunities
  108. all of the above are benefits to an ERM
  109. Which of the following is not a limitation to an Enterprise Risk Management System
  110. Business objectives are not usually articulated
  111. The system may break down
  112. Collusion can result in system failure
  113. Enterprise Risk Management Systems are subject to system override.
  114. What is the process of assigning XBRL tags internally within a financial reporting enterprise system?
  115. XBRL tagging
  116. XBRL taxonomy
  117. XBRL-GL
  118. XBRL dictionary
  119. When using [EmployeeID] as the unique identifier of the Employee table, [EmployeeID] is an example of which of the following?
  120. Key attribute
  121. Foreign key
  122. Primary key
  123. Composite key
  124. XBRL uses a _______ to help describe each key data element.
  125. data dictionary
  126. terminology
  127. taxonomy
  128. schema
  129. A system that stores transactions in a single database, but process them at various sites is referred to as
  130. Centralized system.
  131. Database management normalization system.
  132. Decentralized system.
  133. Distributed system

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