MGAD10H3 Study Guide - Midterm Guide: Financial Audit, Audit Risk, External Auditor

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amethystrabbit325

24 Aug 2012

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The process for controlling an organization"s it resources, including information and communication systems, and technology. Using it to promote an organization"s objectives and enable business processes and to manage and control it related risks. Identifies critical success factors, key goal and performance indicators, and an it governance maturity model. It governance framework begins with setting it objectives and measures and compares performance against them. Computerized tx systems increase some risks and decrease others. Ensure it governance by assessing risks and monitoring controls over those risks. Works as either internal or external auditor. Works on many kind of audit engagements. It auditors may work on financial audit engagements. It auditors may work on every step of the financial audit engagement. 94, guide the work of it auditors on financial audit engagements. It audit work on financial audit engagements is likely to increase as internal control evaluation becomes more important. College education is, computer science, accounting.

Related Questions

Creating an Internal Environment Framework

An organizationâs internal environment is responsible for generating reliable financial reporting and complying with laws and regulations. Internal business process improvement methods establish best practices and strengthen corporate governance and risk management. Consider the COSO framework using the PowerPoint presentation and the ERM Framework graphic.

Write a 1-2 page paper using an internal environment that you are familiar with and complete the COSO framework for this environment as outlined below. For example, an internal environment might be the development of an organizationâs incentive systems.

(1) State the control objectives

(2) Identify the risk sources

(3) Perform a risk assessment

(4) Develop a risk response

(5) Determine the control activities

(6) Provide a method of informing and communicating the results

(7) Discuss the process that is used for monitoring the information

Resources:

ERM Framework Cube Graphic: http://mym.cdn.laureate-media.com/2dett4d/Walden/MGMT/6600/03/mm/COSO_Framework_Cube.html

COSO PowerPoint: http://mym.cdn.laureate-media.com/2dett4d/Walden/MGMT/6600/03/mm/COSO_Framework_Slideshow.html

Both resources retrieved from: https://na.theiia.org/Pages/IIAHome.aspx

1.________ is the field of accounting that develops informationfor external parties such as stockholders, suppliers, banks andgovernmental regulatory bodies.

A) Auditing

B) Internal auditing

C) Management accounting

D) Financial accounting

Answer:

Financial reports prepared by financial accountants focus on________. Financial reports prepared by management accountantsfocus on ________

A) segments of the organization such as departments anddivisions; segments of the organization such as departments anddivisions

B) the organization as a whole; the organization as a whole

C) the organization as a whole; segments of the organizationsuch as departments and divisions

D) segments of the organization such as departments anddivisions; the organization as a whole

Answer:

What are accounting systems?

A) The process used to streamline production processes

B) The process used to generate performance measures

C) Formal mechanisms for gathering, organizing and communicatinginformation about an organization's activities

D) none of the above

Answer:

A(n) ________ is a review to determine whether the policies andprocedures specified by top management have been implemented bylower managers.

A) management audit

B) internal audit

C) internal control

D) internal accounting control

Answer:

A budget ________.

A) is a quantitative expression of a plan of action

B) provides feedback by comparing actual results with plannedresults

C) includes deviations from planned results

D) ignores areas that are presumed to be running smoothly

rosemouse550

1. How do Information Governance strategies impact accountability and compliance? Give specific examples.

2. How would you incorporate Information Governance topics into your IT Information Management action plan?

burgundymarten705

MGAD10H3 Study Guide - Midterm Guide: Financial Audit, Audit Risk, External Auditor

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