ACC 406 Study Guide - Quiz Guide: Cybercrime, Computer Network, Physical Modelling Synthesis

• School: University of Miami
• Department: Accounting Business Administration
• Course: ACC 406
• Professor: Friedman

Document Summary

Controls are designed only to provide_______ assurance, rather than_________ assurance, that accounting data are error free. _________ are unintentional mistakes arising mainly from invalid data entry. Irregularities are accidental alteration or misstatement of data. What two things should the organization consider in response to the threat of loss of data. Policies and guidelines that management has established to provide reasonable assurance that specific entity objectives will be achieved. What are three of the six categories of general control procedures. Mechanisms or procedures designed to prevent, detect or correct errors and irregularities. May include anything from a temporary suspension of operations to a permanent termination of the enterprise. Focused primarily on detecting errors after they have occurred. Aim to prevent the occurrence of errors or unwanted acts. Management"s identification and analysis of risks relevant to the preparation of financial statements in accord with gaap. Essentially this assessment focuses on the financial statement assertions that management makes to the stockholders.