Accounting Information Systems
11th Edition
ISBN: 9781337552127
Author: Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher: Cengage Learning
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Question
Chapter 8, Problem 1DQ
Summary Introduction
To determine: The Enterprise Risk Management (ERM) framework can be used to make decisions on which controls should be implemented. Whether do you agree and discuss the statement?
Introduction:
Enterprise risk management (ERM)
The techniques and procedures adopted by the companies to tackle risks and grab opportunities in accordance with their goals.
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3. Risk registers would normally detail which of the following: (Select all that apply.)
A. Risk level before controls are implemented
B. Risk lével after controls are implemented
C. Responsibility for managing risks
D. The total cost of a control being implemented
Answer:
Page 3 of 11
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Which of the following is an element of the control environment?
Oa. Risk assessment plans
Ob. Managements' operating styles
Oc. Control proceares
Od. Information and communication activities
1. Looking at the COSO framework for Enterprise Risk Management, you will notice that this is present all throughout the various functions and levels in an organization. This is to ensure that policies and procedures are followed in making risk responses and implementing company's directives.
A. Control Activities
B. Risk Assessment
C. Monitoring Activities
D. Risk Culture
Chapter 8 Solutions
Accounting Information Systems
Ch. 8 - What are the four major categories of pervasive...Ch. 8 - What are the differences among a pervasive control...Ch. 8 - Prob. 3RQCh. 8 - Describe some compensating controls that can be...Ch. 8 - What are policy controls plans? How do policies...Ch. 8 - Why should an organization conduct monitoring...Ch. 8 - Prob. 8RQCh. 8 - Prob. 10RQCh. 8 - What are the major elements of the strategic IT...Ch. 8 - Prob. 12RQ
Ch. 8 - Prob. 13RQCh. 8 - What are the four stages through which a program...Ch. 8 - What steps are commonly included in a business...Ch. 8 - Prob. 16RQCh. 8 - Prob. 17RQCh. 8 - Prob. 18RQCh. 8 - Prob. 19RQCh. 8 - Prob. 20RQCh. 8 - Prob. 21RQCh. 8 - Prob. 22RQCh. 8 - Prob. 23RQCh. 8 - Prob. 24RQCh. 8 - Prob. 25RQCh. 8 - Prob. 26RQCh. 8 - Prob. 27RQCh. 8 - Prob. 28RQCh. 8 - Prob. 29RQCh. 8 - Prob. 30RQCh. 8 - Prob. 31RQCh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - No matter how sophisticated a system of internal...Ch. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Contracting for a hot site is too cost-prohibitive...Ch. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - The following is a list of six control plans from...Ch. 8 - Prob. 2SPCh. 8 - Prob. 3SPCh. 8 - Prob. 2PCh. 8 - The following is a list of 13 control plans from...Ch. 8 - Prob. 4PCh. 8 - Prob. 5PCh. 8 - Prob. 6PCh. 8 - Examine the last column in Table 8.2 (p. 280) for...
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Similar questions
- Discuss the objectives of the risk management process. Why should you follow a regimented and well defined process?arrow_forwardRefer to Exhibit 3.3. For each risk assessment principle, provide an example of how an organization might apply that principle.arrow_forwardWhich of the following techniques are applicable for an organization to manage a high frequency with low severity risk? i. Reduce - soft measure ii. Finance - handles an as expenses iii. Retain - captive iv. Transfer - catastrophe risk exchange Select one: O a. i, ii and iii O b. i, ii and iv O c. i, iii and iv O d. All above Previous page Next parrow_forward
- 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.arrow_forward1. How does internal control impart on the achievement of organization’s goals? 2. Why risk management process is essential in addressing risks that the organization is facing? 3. Differentiate qualitative and quantitative assessment of risks.arrow_forwardFor an enterprise wide risk management program to be most effective, it should be led by which of the following? A. A management committee. B. The chief audit executive. C. A centralized coordinator. D. Audit committee members.arrow_forward
- . According to COSO, which component of enterprise risk management (ERM) addresses an entity’s operating structures and core values? A. Review and revision. B. Governance and culture. C. Strategy and objective-setting. D. Information, communication, and reporting.arrow_forwarda. What is Competitive Advantage b. What is Competitive Disadvantage c. What is Risk Management and why it is important in Information Assurance and Security d. Discuss briefly the components of Risk Managementarrow_forwardThe purpose of ____________ is to help manage and control risk appropriately rather than to eliminate it. Internal accounting Internal control system External audit Risk managementarrow_forward
- one of the components of internal control is the control activities;which are the policies and procedures that help ensure that necessary actions are taken to address risks to the achievement of the entity objectives. what are the most important control activities (explain each of these control activities)?arrow_forwardInformation Risk Analyst (IT Controls Audit) will help the organization assess risk controls and their effectiveness for current and future design improvements. To be successful in this career path YOU must be familiar with the concept Information Risk. a. Explain the term ‘information risk’ in your own words. b. Discuss three (3) causes of information risk. c. Discuss the three (3) main ways to reduce information risk. d. Differentiate between ‘assurance services’ and ‘non-assurance services,’ giving examples of each.arrow_forwardInternal controls are perhaps the most important tools for managing operational risk. What are internal controls? Give three examples of internal controls and explain how each control is used to minimize operational risk.arrow_forward
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