Audit 1 Review Essay

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Exam 1 Review Notes

AIS (This is not exhaustive – just a minimum for study)

Study the end of chapter MC in the AIS.

Study probs 1.4, 1.8, 2.5, 2.6, 2.8, 3.2, 3.6, 3.16(2,3,7,8,9), 5.3, 5.4, 5.8

Porter’s primary value chain activities

Porter’s basic strategic positions

Seven characteristics of useful information

Five major transaction cycles

The data processing cycle

Budgeting

Source data automation

G/L, control accounts, subsidiary ledgers, General Journal

Context diagram

System flowchart

Flowchart symbols

Structured, semi-structured, unstructured decision making

Data Flow Diagrams (DFDs) and symbols

Database Management System (DBMS) and Relational DBMS

Schemas and subschemas

Database administrator

Benefits of DBMS technology

Batch processing

Online real-time processing

Primary key, foreign key, attributes, tuples

Data warehouse

Data Dictionary

Data Definition Language (DDL)

Data Manipulation Language (DML)

Data Query Language (DQL)

Update, Insertion, Delete Anomaly

Entity integrity and Referential integrity

The following questions are representative of the mc questions that will be on the exam.

1. Which of the following motivators would be a good indication of financial pressure that would contribute to employee fraud?
a. a big change for the better in an employee's lifestyle
b. an employee suddenly acquires lots of credit cards
c. inadequate internal controls
d. too close association with suppliers or customers

2. Research has shown that _______ accounts for the highest number of occupational frauds while ________ accounts for the highest median loss.
a. corruption / financial statement fraud
b. financial statement

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