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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Check out a sample textbook solutionStudents have asked these similar questions
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
Discuss the objectives of the risk management process. Why should you follow a regimented and well defined process?
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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- Describe how internal control systems help organizations achieve objectives and respond to risks.arrow_forwardRefer to Exhibit 3.3. For each risk assessment principle, provide an example of how an organization might apply that principle.arrow_forwardDiscuss and explain the sub-processes of risk managementarrow_forward
- Which 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_forwardSection 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_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_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_forwardDefine each of the following terms:b. Enterprise risk managementarrow_forwardWhich of the following is NOT an objective of all information systems?a. support for the stewardship function ofmanagementb. support for management decision makingc. support for the day-to-day operations of the firmd. all of the above are objectivesarrow_forward
- Internal 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_forwardWhich of the following is not one of the elements of a good system of internal control? a.Control environment b.Analysis of control procedures c.Information and communication d.Risk assessmentarrow_forward_____, which constitute one of the most important elements of internal control, include separating responsibilities for related operations. Control procedures Risk assessment activities Information and communication activities Risk monitoring proceduresarrow_forward
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