The Responsibility of Management to Safeguard Assets and Funds Entrusted

question 90

Multiple Choice

The responsibility of management to safeguard assets and funds entrusted to them by the owners of an organization is referred to as:

• A)Stewardship Responsibility
• B)IT System Controls
• C)Application Controls
• D)Internal Controls

Understand the difference between System I and System II thinking, including their characteristics and circumstances influencing their use.

Recognize and describe common cognitive biases and heuristics, such as confirmation bias and representativeness heuristic.

Differentiate between reasoning, judgment, problem solving, and decision making in cognitive processes.

Identify factors that influence the likelihood of engaging in System II thinking.

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Definitions:

Attorney

A person qualified and authorized to practice law, such as giving legal advice, representing clients in court, and drafting legal documents.

Securities Law

A domain of law regulating the offer, purchase, and sale of securities (e.g., stocks, bonds) to protect investors against fraud and ensure the market's integrity.

Court Order

A legal document issued by a judge or court that requires or prohibits specific actions by the parties involved.

Consent

The voluntary agreement to or approval of what is done or proposed by another; an essential element of contracts.