The Internal Control Process of Requiring Physical Controls in Place

question 37

Multiple Choice

The internal control process of requiring physical controls in place in areas where fixed assets are held, will help to minimize the risk of:

• A)Incorrect amounts
• B)Lost or stolen assets
• C)Duplicate transactions
• D)Omitted transactions

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Definitions:

Tracking Software

Applications or systems designed to monitor and record the activity or movements of objects, individuals, or digital events.

Keystroke

An act of pressing a key on a keyboard, which can refer to the movement itself or the data generated by such an action.

Big Data

Sets of digitally collected data, usually collected from a variety of sources that produce a high velocity of ongoing data streams, which are so vast that traditional approaches to processing and analyzing them are inadequate.

Analytics

Computerized techniques to uncover and interpret meaningful patterns in big data.