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MGMT 639 IA SOC and Data Flashcards | StudBud
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MGMT 639 IA SOC and Data
MGMT 639 IA SOC and Data
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StudBud Administration
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Test your knowledge on internal audit, control principles, and SOC reports
Flashcards
25 cards
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Questions
25
Answers
1
What is the main limitation of GAS packages?
Replace manual auditing
Require extensive knowledge
Do not examine programs
Cost prohibitive
2
What is the focus of SEC's Accounting Quality Model?
Discretionary accruals
Employee behavior
Inventory movements
Social media activities
3
What does ADA stand for?
Analytical Data Auditing
Automated Data Analysis
Advanced Data Assessment
Audit Data Analytics
4
Which component of internal control shows an organizational commitment to integrity?
Control Activities
Risk Assessment
Information & Communication
Control Environment
5
What is the primary purpose of analytic procedures?
Design internal controls
Identify red flags
Approve financial statements
Manage daily operations
6
Which component of internal control addresses the use of quality information?
Control Environment
Information & Communication
Risk Assessment
Control Activities
7
What does an ERP do?
Integrates business processes
Manages financial transactions
All of the above
Controls inventory levels
8
Which type of control deters risks?
Compensating
Detective
Preventive
Corrective
9
What does ERP stand for?
Enterprise Risk Prevention
Enterprise Resource Planning
Enhanced Reporting Program
Electronic Resource Platform
10
Which type of auditing assumes that accurate output verifies proper processing?
Auditing around computer
Continuous auditing
Auditing through computer
Auditing with computer
11
First step in SOC 1 engagements?
Test controls
Understand controls
Conduct financial audit
Issue the report
12
Which type of data analysis can identify potential fraudulent transactions by analyzing descriptions on T&E reports?
Cluster analysis
Data visualization
Text mining
Process mining
13
What does SOC stand for?
System and Organization Controls
Service Organization Controls
Systematic Organizational Compliance
Security and Operations Controls
14
Which type of data represents the biggest Big Data opportunity for auditors?
Structured data
Unstructured data
Multi-structured data
Semi-structured data
15
What is the primary role of internal audit with regard to internal control?
Design internal controls
Manage daily operations
Approve financial statements
Evaluate internal controls
16
Which SOC report meets auditor needs?
SOC 1
SOC for Cybersecurity
SOC 2
SOC 3
17
Which SOC report allows auditors to rely on service organization controls?
SOC 2 Type 2
SOC 1 Type 2
SOC 2 Type 1
SOC 1 Type 1
18
What is the focus of SOC 2 reports?
Financial statement audits
Supply chain management
Internal control over reporting
Controls over user data
19
What is the difference between automated and manual controls?
Manual controls are infallible
Manual controls can impact a large volume of transactions
Automated controls apply a set of business rules to each transaction
Automated controls are subject to human error
20
Which SOC report lacks descriptive details of controls?
SOC 2
SOC 3
SOC for Supply Chain
SOC 1
21
Which is NOT a limitation of internal control?
Automated controls
Fatigue
Human error
Misjudgment
22
What does ERM stand for?
Effective Risk Management
Enterprise Risk Management
Enterprise Resource Management
Efficient Resource Management
23
Which ADA step involves cleansing data?
Evaluate the results
Access and prepare data
Perform the ADA
Plan the ADA
24
Which IT control ensures accurate data entry?
Input controls
Access controls
Output controls
Processing controls
25
What does CAATs stand for?
Comprehensive Audit Analysis Tools
Computer-Assisted Audit Techniques
Continuous Audit and Testing
Computerized Audit Assessment Tools
