Audit 101
The internal audit function is generally considered independent when it can carry out its work freely and … is referred to as what?
Objectively
QAIP?
Quality Assurance and Improvement Program
What is the name of analytic final disposition that is characterized by results that are consistently over threshold but minimally and does not reflect a control weakness or deficiency?
Near Miss
These types of controls apply to all systems, components, processes, and data for a given organization or information technology environment.
ITGC (Information Technology General Control)
What’s the minimum number of days that periodic statements for credit card accounts must be sent before the payment due date that is disclosed on the statement?
21 days
What are the 5 C’s we must note in the point sheet?
Condition, Cause, Criteria, Consequence, Corrective Action
RELM?
Regulatory Exam Lifecycle Management
What is the analytic type where control effectiveness conclusions are based on relative variability of data. Stable and consistent execution of control performance from audit period to audit period?
Indirect ACT
Operational Resilience
What policy is AEMP71?
Enterprise Complaint Management Policy
What is the statement that specifies the focus, extent, and boundary of a particular audit?
Audit Scope
BSA?
Bank Secrecy Act
Metrics that represent a signal of risk exposure changes. They are not used alone to conclude on control effectiveness. Can represent the relative variability of data?
Key Risk Indicators (KRIs)
System controls that provide a way for a software application to enable other applications to communicate with it. It can be used for a variety of purposes, including the following: 1) an application requesting another application to do something, 2) an application requesting data from by another application. This is referred to as?
Application Program Interface (API)
What is Regulation B?
Equal Credit Opportunity Act
What component of the test plan drives your sample selection and extent of the testing required?
Control Level Risk
PDF?
Portable Document Format
What is the project management tool that is used to track each phase of the development iterations and releases? This agile management platform provides visibility into progress, roadblocks, and dependencies across multiple teams, projects, and programs.
Rally
What is the system “balancing” controls that validate the completeness and accuracy of data passed from one system to another?
Inbound Interface Controls
What is the maximum interest rate that can be charged card members who enrolled as active-duty service members. This interest rate is capped by the Military Lending Act (MLA)?
36%
This sampling technique, which is sometimes referred to as exploratory, is used where evidence of a single error or instance of irregularity would call for intensive investigation. It is frequently of value when fraud, avoidance of internal controls, evasion of regulation or other critical performance, and quality control measures are in question. What is the name this sampling technique?
Discovery Sampling
CRISP-DM?
Cross Industry Standard Process for Data Mining
What is a platform for hosting code that allows for version control and collaboration?
Lucy or GitHub
What is the maximum amount of data the organization can tolerate losing?
Recovery Point Objective (RPO)
What is the name of the BU responsible for identifying and maintaining laws and regulations applicable to the bank and communicating the requirements and changes to laws/regulations to the bank on a timely basis?
GCO (General Counsel ‘s Organization)