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Accounting Information Systems

Business

Quiz 15 :

IT Controls : Sarbanes-Oxley and IT Governance

Quiz 15 :

IT Controls : Sarbanes-Oxley and IT Governance

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The same internal control objectives apply to manual and computer-based information systems.
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True False
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Answer:

True

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

False

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A disaster recovery plan is a comprehensive statement of all actions to be taken after a disaster.
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True False
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Answer:

True

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Tests of controls determine whether the database contents fairly reflect the organization's transactions.
True False
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To fulfill the segregation of duties control objective,computer processing functions (like authorization of credit and billing)are separated.
True False
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Some systems professionals have unrestricted access to the organization's programs and data.
True False
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An IT auditor expresses an opinion on the fairness of the financial statements.
True False
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IT auditing is a small part of most external and internal audits.
True False
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To ensure sound internal control,program coding and program processing should be separated.
True False
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Application controls apply to a wide range of exposures that threaten the integrity of all programs processed within the computer environment.
True False
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Audit risk is the probability that the auditor will render an unqualified opinion on financial statements that are materially misstated.
True False
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Assurance services is an emerging field that goes beyond the auditor's traditional attestation function.
True False
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A strong internal control system will reduce the amount of substantive testing that must be performed.
True False
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Corporate management (including the CEO)must certify monthly and annually their organization's internal controls over financial reporting.
True False
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Substantive testing techniques provide information about the accuracy and completeness of an application's processes.
True False
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A qualified opinion on management's assessment of internal controls over the financial reporting system necessitates a qualified opinion on the financial statements?
True False
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External auditors can cooperate with and use evidence gathered by internal audit departments that are organizationally independent and that report to the Audit Committee of the Board of Directors.
True False
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Both the SEC and the PCAOB require management to use the COBIT framework for assessing internal control adequacy.
True False
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Both the SEC and the PCAOB require management to use the COSO framework for assessing internal control adequacy.
True False
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The database administrator should be separated from systems development.
True False
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