Question 1

Briefly explain how a SSAE 16 report is used in assessing internal controls of outsourced facilities.

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Question 2

Define database management fraud.

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Question 3

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

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Question 4

Define operations fraud.

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Question 5

Briefly explain the core competency theory.

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Question 6

Briefly outline transaction cost economics as it relates to IT outsourcing.

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Question 7

What is scavenging?

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Question 8

Internal control in a computerized environment can be divided into two broad categories.What are they? Explain each.

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Question 9

Discuss the advantages and disadvantages of the second site backup options.

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Question 10

Prior to SOX,external auditors were required to be familiar with the client organization's internal controls,but not test them.Explain.

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Question 11

Section 404 requires management to make a statement identifying the control framework used to conduct their assessment of internal controls.Discuss the options in selecting a control framework.

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Question 12

Does a qualified opinion on management's assessment of internal controls over the financial reporting system necessitate a qualified opinion on the financial statements? Explain.

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Question 13

Discuss the key features of Section 404 of the Sarbanes-Oxley Act.

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Question 14

Describe how a corporate IT function can overcome some of the problems associated with distributed data processing.

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Question 15

Give an example of an audit objective and its related audit procedure.

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Question 16

What fraud detection responsibilities are imposed on auditors by the Sarbanes-Oxley Act?

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Question 17

The PCAOB's Auditing Standard No.5 specifically requires auditors to understand transaction flows in designing their test of controls.What steps does this entail?

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Question 18

As a form of computer fraud,what is eavesdropping?

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Question 19

Auditors examine the physical environment of the computer center as part of their audit.Many characteristics of computer centers are of interest to auditors.What are they? Discuss.

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Question 20

What are commodity IT assets?

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Quiz 14: Auditing It Controls Part I: Sarbanes-Oxley and It Governance