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Exam 15: IT Controls Part I: Sarbanes-Oxley and It Governance

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Question 1

Multiple Choice

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When planning the audit, information is gathered by all of the following methods except

A) completing questionnaires
B) interviewing management
C) observing activities
D) confirming accounts receivable

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Question 2

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A cold site backup approach is also known as

A) internally provided backup
B) recovery operations center
C) empty shell
D) mutual aid pact

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Question 3

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Substantive testing techniques provide information about the accuracy and completeness of an application's processes.

__________________________ are intentional mistakes while __________________________ are unintentional mistakes.

Explain how general controls impact transaction integrity and the financial reporting process.

A strong internal control system will reduce the amount of substantive testing that must be performed.

Corporate management (including the CEO) must certify monthly and annually their organization's internal controls over financial reporting.

What are the components of audit risk?

Why should new systems development activities be segregated from the program change (maintenance) function?

Briefly explain the core competency theory.

Both the SEC and the PCAOB have expressed an opinion as which internal control framework an organization should use to comply with SOX legislation. Explain.

All of the following tests of controls will provide evidence about the physical security of the computer center except

The Sarbanes-Oxley Act contains many sections. Which sections are the focus of this chapter?

Explain why certain duties that are deemed incompatible in a manual system may be combined in an automated environment? Give an example.

An IT auditor expresses an opinion on the fairness of the financial statements.

Contrast internal and external auditing.

What are the objectives of application controls?

Typically, internal auditors perform all of the following tasks except

External auditing is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization.

What control framework is recommended by the PCAOB?