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level: Level 2

Questions and Answers List

level questions: Level 2

Question	Answer
Computerized audit technique which mixes fictitious data together with real and valid data in master file to be processed within the system	Integrated test facility
Computerized audit technique which use real data but processed through separate audit program / test program	Parallel simulation
Computerized audit technique which embedding audit routines within a program to analyzed transaction data	Embedded Audit Routines
Computerized audit technique which modify program to tag specific transactions and save all their processing steps in an extended record	Extended records
Computerized audit technique which print outs the content of selected memory areas when executed	Snapshot
Computerized audit techniques which provides detailed audit trail of all the instructions executed by a program	Tracing
Computerized audit technique which use special software to monitor the execution of a program.	Mapping
occurs when two different applications or transactions have a lock on data that is needed by the other application or transaction	Deadly embrace (deadlock)
a single part of a system, which, if it fails, will result in the unavailability of the entire system	Single point failure
allows users to log in to all of the different systems in the organization (accounting, email, shipping and so forth) with the same username and password.	Single level sign-on
Is the combination of people, policies, procedures, and processes that help ensure that an entity is effectively and efficiently directs its activities toward meeting the objective of its stakeholders	Governance
Designed to prevent payments of corporate funds which are contrary to public policy, e.g. bribery of foreign officials / political party / candidate for pollical office (government related)	Foreign Corrupt Practices Act (FCPA)
Response to numerous financial reporting scandals involving large public companies	Sarbanes-Oxley Act
the process whereby management identifies the organization’s vulnerabilities	Risk assessment
the continuous process of designing and operating internal controls that mitigate risks identified during risk assessment	Risk management
Who is responsible for establishing and maintaining the system of internal control?	Senior management
Internal audit is being headed by	Chief audit executive (CAE)
To whom does the CAE directly reports to?	CEO
Also means alternative controls	Compensatory (mitigative) controls
Also means second layer controls	Complementary controls
Computer-assisted audit techniques which evaluates only input and output with manual intervention	Auditing around the computer
Computer-Assisted Audit techniques which uses the computer to test the processing logic and control within the systems e.g. Integrated audit facility	Auditing through the computer
combines multiple physical disk drive components into a single logical unit for the purpose of data redundancy, performance, or both	RAID – Redundant array of independent discs
sending data to an intermediate storage that is accessible by the peripheral device when needed	Spooling
Security attack uses password cracking software to try large numbers of letter and number combinations to access a network	Brute force
identity misrepresentation in cyberspace	Spoofing
use of software to eavesdrop on information sent by a user to the host computer of a website	Sniffing
A testing which identifies weakness in the IT infrastructure	Vulnerability testing
A testing which test how well the system tolerates real-world style attacks patterns	Penetration Testing
A recovery center which imitates the company's data center	Hot site
A recovery center which as a limited hardware such as communication and networking equipment	Warm site
A recovery center which lack most infrastructure but readily available for quick installation of hardware	Cold site
What document does the GL department receive during sales to receivable cycle?	Daily income summary
What document does the GL department receive during cash receipts cycle	Remittance listing
What document does the GL department receive during Purchase to Payable cycle	Daily PO summary
What document does the GL department receive during cash payment cycle	Check register
What document does the GL department receive during payroll cycle	Payroll register
This document shows the total number of hours worked	Employee clock card
This document shows the total number of hours worked per job	Job time ticket
a formal document that defines internal audit's purpose, authority, responsibility and position within an organization	internal audit charter
With whom does audit committee/CAE reports directly?	CAE – CEO, Audit Committee, Board of Directors Audit Committee – BOD as member of the board
Which corporations are subject to accounting requirements of FCPA	All corporation (domestic or not) whose securities are registered pursuant to the SEC act of 1934
Which corporations engaged in interstate commerce are prohibited by FCPA of bribery of foreign officials?	Domestic
Who specifically attest to the effectiveness of controls	CAE and CFO
Who approves charter of IAA	management and the board
used to search application source programs for code that is not used in the version of the program that is in use by the production system	Mapping programs
is a potential encryption standard licensed to hardware and software vendors	RSA (Rivest, Shamir, and Adelman)
a backup operational mode used to make systems more fault-tolerant	Failover