study guide ACC

Topics: Internal control, Sarbanes–Oxley Act, Fraud deterrence Pages: 4 (639 words) Published: October 13, 2014
ACC 444 Exam 1 Guide

Summary of Questions (approximate):

# Multiple Choice Questions
(2 pts each)

Business Process Overview

Computer Fraud & Abuse

Internal Control Systems

Total # questions

Study Guide

While there couldbe questions from other topics discussed in class, themain emphasis will be on the following subject matter:

Business Process Overview
The “transaction cycles” approach
The data processing model

Computer Fraud& Abuse
The fraud process – commit, conceal, & convert
The fraud triangle
The three types of fraud
Computer fraud techniques

Internal Control Systems
Internal Environment – the key aspects
Risk Assessment process, including cost-benefit analysis
Risk response - types
Control Activities – types
Segregation of Duties – understanding the true nature of custody, recording and authorizing functions Segregation of IS duties
The Nature of Preventive, Detective, & Corrective Controls
Sarbanes Oxley requirements pertaining to internal controls

Additional Preparation Tools:
Quiz in textbook – chapter end,
Online Textbook Quiz (,select “Study Guide” for each relevant chapter to get to that chapter’s online quiz. Homeworks, in-class exercises and additional problems discussed in class

Sample Questions (Answer Key on the last page)

1) One element of the COSO-ERM framework is risk assessment. Suppose a company estimates that there is a 2% probability that a fire would destroy its main data center, and that it would cost $3,000,000 to replace the data center. Which of the following is a proper description of the terms involved? a. Expected Loss is $3,000,000 and Impact is $60,000

b. Risk is 2% and Expected Loss is $3,000,000
c. Expected Loss is $60,000 and Impact is $3,000,000
d. Risk is 2% and Impact is $60,000

2) Segregation of Duties is an example of which type of...
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