Audit 101
An issue that could impair the ability of the organization to achieve its objectives
What is Risk?
These security controls for safes must be changed when an employee who knows them leaves
What is a combination?
IRS
What is Internal Revenue Service?
They are responsible for developing an appropriate system of internal controls
What is management?
Each cashiering employee should have a unique one
What is identification?
This process manages the entire range of threats to the well-being of an institution
What is Risk Management?
Kind of bank account that must be used for university deposits
What is authorized?
IT
What is Information Technology?
Provide evidence that a loss has occurred - after the fact
What are detective controls?
These should never be shared
What are passwords?
Insurance and third party vendors are used to ______ risk
What is transfer?
Used to determine whether all cash receipts have been accounted for
What is reconciliation?
WACUBO
What is Internal Control Questionnaire?
A type of control that attempts to deter or stop undesirable events from occurring
What are preventive controls?
What is inventory?
Tools to reduce or mitigate risk
What are internal controls?
A prospective employee who will be handling cash should have one prior to employment
What is a background check?
CIA
What is a Certified Internal Auditor?
According to this control, no single individual should have authority over two or more phases of a transaction
What are Segregation of Duties?
When a password is changed, users receive this
What is an email notification?
Determines areas of potential risks before an audit occurs
What is risk assessment?
To reduce the risk of theft, cash must be transported in this manner
What is double custody?
CFE
What is a Certified Fraud Examiner?
An audit reviewing adherence to regulatory guidelines
What is a compliance audit?
An audit which reviews system access and back-ups
What is an IT audit?