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AIS Chapter 7 Questions and Answers
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AIS Chapter 7 Questions and Answers Threat/Event Any potential adverse occurrence or unwanted event that could injure the AIS or the organization Exposure/Impact The potential dollar loss should a particular threat become a reality Likelihood The probability that a threat will com...

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  • August 4, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ais chapter 7 questions and answers
  • threatevent any potential adverse occurrence or u
  • exposureimpact the potential dollar loss should a
  • likelihood the probability that a threat will come

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AIS Chapter 7 Questions and Answers
Threat/Event - answer Any potential adverse occurrence or unwanted event that
could injure the AIS or the organization

Exposure/Impact - answer The potential dollar loss should a particular threat become
a reality

Likelihood - answer The probability that a threat will come to pass.

Internal Controls - answer The processes and procedures implemented to provide
reasonable assurance that control objectives are met

Preventative Controls - answer Controls that deter problems before they arise.

Detective Controls - answer Controls that designed to discover control problems that
were not prevented.

Corrective Controls - answer Controls that identify and correct problems as well as
correct and recover from the resulting errors

General Control - answer Controls designed to make sure an organization's
information system and control environment is stable and well managed.

Application Controls - answer Controls that prevent, detect, and correct transaction
errors and fraud in application programs.

Belief System - answer System that describes how a company creates value, helps
employees understand management's vision, communicates company core values, and
inspires employees to live by those values.

Boundary System - answer System that helps employees act ethically by setting
boundaries on employee behavior.

Interactive Control System - answer System that helps managers to focus
subordinates' attention on key strategic issues and to be more involved in their
decisions.

Foreign Corrupt Practices Act (FCPA) - answer Legislation passed to prevent
companies from bribing foreign officials to obtain businesses; also requires all publicly
owned corporations maintain a system of internal accounting controls.

Sarbanes-Oxley (SOX) - answer Legislation intended to prevent financial statement
fraud, make financial reports more transparent, provide protection to investors,

, strengthen internal controls at public companies, and punish executives who perpetrate
fraud.

Public Company Accounting Oversight Board (PCAOB) - answer A board created by
SOX that regulates the auditing profession; created as part of SOX

Control Objectives for Information and Related Technology (COBIT) - answer A
security and control framework that allows (1) management to benchmark the security
and control practices of IT environments, (2) users of IT services to be assured that
adequate security and control exist, and (3) auditors to substantiate their internal control
opinions and advise on IT security and control matters.

Committee of Sponsoring Organizations (COSO) - answer A private-sector group
consisting of the American Accounting Association, the AICPA, the Institute of Internal
Auditors, the Institute of Management Accountants, and the financial Executives
Institute.

Internal Control--Integrated Framework (IC) - answer A COSO framework that
defines internal controls and provides guidance for evaluating and enhancing internal
control systems

Enterprise Risk Management -- Integrated Framework (ERM) - answer A COSO
framework that improves the risk management process by expanding (adds three
additional elements) COSO's Internal Control--Integrated.

Internal Environment - answer The company culture that is the foundation for all
other ERM components as it influences how organizations establish strategies and
objectives; structure business activities; and identify, assess, and respond to risk.

Risk Appetite - answer The amount of risk a company is willing to accept to achieve
its goals and objectives. To avoid undue risk, risk appetite must be in alignment with
company strategy.

Audit Committee - answer The outside, independent board of director members
responsible for financial reporting, regulatory compliance, internal control, and hiring
and overseeing internal and external auditors.

Policy and Procedures Manual - answer A document that explains the proper
business practices, describes needed knowledge, explains document procedures,
explains how to handle transactions, and lists the resources provided to carry out
specific duties.

Background Check - answer An investigation of prospective or current employees
that involves verifying their educational and work experience, talking to references,
checking for a criminal record or credit problems, and examining other publicly available
information.

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