Enterprise Risk Management Framework

Enterprise Risk Management Framework Paper

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Enterprise Risk Management Framework Paper

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1) The best way to handle data in a consistent manner within an AIS is to design a coding system for products, as well as a coding system for the general ledger accounts. Describe the four guidelines that result in a better coding system.

2) Discuss the weaknesses in COSO’s internal control framework that lead to the development of the Enterprise Risk Management framework.

3) (TCO C) Classify the following controls as preventive, detective, or corrective. (1) Periodic bank reconciliation (2) Separation of cash and accounting records (3) Maintaining backup copies of master and transaction files (4) Prenumbering of sales invoices (5) Chart of accounts (6) Retina scan before entering a sensitive R & D facility (7) Resubmission of transactions for subsequent processing (8) Internal auditor rechecking the debits and credits on the payment voucher (9) Depositing all cash receipts intact (10) Qualified accounting personnel

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12pt

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4)

Explain how information technology can be used to improve the vendor invoice approval process.

5) The owner of a small family-owned business currently prepares his own payroll manually but he is considering switching to an AIS. He is skeptical about the security of the information and asked you to educate him about the types of unauthorized changes to payroll data, and explain at least two controls that would maintain the integrity of the payroll master file.

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6)

(TCO F) Explain the preparation of financial statements as the third step in the general ledger and reporting system.

7)

(TCO G) When designing a database, why is it not preferable to store all data in one single table? Why is it better to have multiple separate tables? Give an example of the type of data that would be stored in its own table.

8) (TCO H) As a member of a development team, you’ve been asked to develop and test the new AIS. Discuss the eight basic steps required in the implementation phase of the SDLC in the proper order they should occur.

Enterprise Risk Management Framework Paper

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