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16 Cards in this Set
- Front
- Back
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Characteristics of useful information
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RAT-VURC, reliablle, relevent, complete, timely, understandable, verifiable, accessible
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Primary activites
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IMOOS, Inbound-logistics, operations, outbound logistics, marketing and sales, service
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Support Activites
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Firm infastructure, HR, technology, purchasing
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Major Transaction cycles
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PHERF (smurf on cycle), Revenue, expenditure, production, HR, financial
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Data Processing
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CRUD, creating, reading, updating, deleting
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Ways info is stored in computer
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entity has an attribute, enter data into a field, data value, field with an attribute in it is a record
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Fraud made up of
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False statement, material fact, intent to decieve, justifiable reliance, injury suffered by victim
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Fraud Triangle
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pressure, opportunity (commit, conceal, convert), rationalization (attitude, lack of integrity, attitude)
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COSO Model
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Control envioronment (ethics, policies), risk assessment, control activites, Information and communication, monitoring
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ERM model
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Internal envioronment, objective setting, event identification, risk assesment, risk response (avoiding reducing sharing), control activities, Information and communication, Monitoring
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Major elements of internal envioronment
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managments philosophy, board of directors, commitment to integrity, organizational structure, methods of assigning authority, HR, external influences
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Types of control objectives
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strategic, operations, reporting and compliance
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How to asses and respond to risk
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Inherent risk (without action), residual risk (what's left over), Reduce, accept, share or avoid, liklihood and impact, identify controls, cost benefits, implement plan
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Balanced scorecard
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Financial, customer, internal business, learning and growth
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Sarbanes Oxley Act Changes
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Created public accounting oversight board, new rules for auditors (oration), new roles for audit committees (on board of directors and independent), new rules for management, new internal controls (must have a control framework
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Separation of accounting duties (3)
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Authorization, recording, custody
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