In computer application systems we have studied quiet a number of application systems and a number of questions comes up. These include:
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What is AIS?
AIS stand for Application Interface Specification and is basically assortment of open specifications.
Q2. What are three factors that influence the design of AIS? The three factors that influence the design of AIS are; the first one is Platform Management Services (PLM), second Cluster Membership Scope (CLM), and the last one is Availability Management Framework (AMF).
What three important business functions do an AIS FULFIL?
AIS have around twelve (12) services which are classified into three major categories: AIS platform services, the second one is AIS utility services as a general, and the third is Management Services AIS.
There are four types of data processing which helps keep the data stored in files or databases current. What are they? Define each.
There are approximately four types of data processing which aid in keeping the data stored in files or databases updated. These are as follows; Information Model Management Services (IMM) which is also known as configuration management database, Log Services (LOG), Notification Service (NTF), Security Services (SEC). The later is used to authenticate and authorize particular activities. This helps to retain or in other words uphold the integrity of AIS.
NTF is generally a center which identifies concept and then sends a notification alert in case of incidences or status change. LOG is another database which basically deals with instances of logging events. The system is responsible for all logging services which perform as per current settings at that point in time of logging. Lastly IMM is wholly responsible for the entire administrative applications which are specified for the object classes in the AIS.
What is an ERP system (Enterprise Resource Planning)?
ERP system (Enterprise Resource Planning) is a system that coordinates both the internal and external management information throughout an organization. ERP operates under automation of a software application which enhances finance/accounting, sales and services, manufacturing among others like customer relation management. In general, it links the flow of information of an organization/business to the outside stakeholders.
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An internal Environment, as a component of ERM, consist of seven items, which are they? Give a brief example of each.
There are seven items which make up the Internal Environment as a component of ERM (Enterprise Risk Management) which includes:
- Establishing Content:-it serves the purpose of understanding the internal, the risk management and the external context;
- Identifying Risks:-it includes thorough documentation of threat material to a organization;
- Analyzing/Quantifying Risks:-identification of any possible risks from the material gathered;
- Integrating Risks:-it deals with a total evaluation and reflecting corrections and hence coming up with results on the effect on the organization;
- Assessing/Prioritizing Risks:-it involves consideration of any possible risk and determining how big the risk is in terms of priority to the organization;
- Treating/Exploiting Risks:-this involves controlling measures put in place;
- Monitoring and Reviewing:-it is gradual assessment and monitoring of various risks to the company.
What is COSO (Committee of Sponsoring Organization)? Explain its purpose/value.
COSO (Committee of Sponsoring Organization) is an initiative of about five private sector organization which come together to offer leadership and guidance in the risk management framework. It is mainly put in place to identify possible risks, manage the risk, and provide reasonable and acceptable assurance to the entity objectives.
What is PCAOB? What created it? What is its main purpose?
PCAOB, which stands for Public Company Accounting Oversight Board which is a non-profit corporation and is purely a private-sector. It was created by Sarbanes-Oxley Act, in 2002 a United States Federal law. It main purpose is to regulate the audit reports for organizations so that they may contain sufficient and appropriate information for investors so as to safeguard their interests.
What are the most common methods of collecting audit evidence? List at least seven and give a brief explanation of each.
The most commonly used methods of collecting audit evidence are several. The major seven methods are:
- Inspection:-its general role is to confirm that an asset exists or that a certain transaction really occurred;
- Observation:-this involves an auditor being present when a procedure is taking place;
- External confirmation:-it involves seeking information from other sources such as a bank;
- Recalculation:-checking arithmetic accuracy thoroughly;
- Reperformance:-redoing of several reconciliations as at certain reporting dates;
- Analytical procedures:-performing comparison of different years report and coming up with predictable relationships;
- Inquiry:-it involves finding information from clients or management body.