List the Following Steps Regarding Computer Fraud Risk Assessments in Sequence

question 12

Short Answer

List the following steps regarding computer fraud risk assessments in sequence.
(a)Assessing the likelihood and business impact of a control failure and/or a fraud incident.
(b)Mapping existing controls to potential fraud schemes and identifying gaps.
(c)Identifying potential IT fraud schemes and prioritizing them based on likelihood and impact.
(d)Identifying relevant IT fraud risk factors.
(e)Testing operating effectiveness of fraud prevention and detection controls.

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Definitions:

Payments

The transfer of money, or its equivalent, from one party to another as a fulfillment of an obligation or for the purchase of goods or services.

Yearly

Relating to or happening every year; annual.

Borrow

The act of receiving something with the intention of returning it or its equivalent to the owner at a later date.

Preferred Stock

Preferred stock is a type of equity that typically gives its holders preference over common stockholders in terms of dividends and claims on assets in the event of liquidation, but usually does not carry voting rights.