Afm 341: Final Exam Questions & Answers 2023/2024

What does external IT audit do? {Ans: Evaluates the extent that an information system supports the accurate, complete, authorized, and reliable processing financial transactions}Who completes IT audits? {Ans: IT audit profession and an IT audit engagement team}Blockchain principles: Irreversibility of records {Ans: Once a transaction is entered and the accounts are updated, the records cannot be altered.}What are the five maturity levels of analytical capabilities? {Ans: 1. Reporting 2. Analyzing 3. Describing 4. Predicting 5. Prescribing}1.Which of the following is not an objective of a disaster recovery plan? a)Minimize the extent of the disruption, damage or loss. b)Establish a permanent alternative means of processing information. c)Resume normal operations as soon as possible. d)Train employees for emergency operations. {Ans: b)}What is the IT service desk responsible for? {Ans: - Reporting disruptions to users (ex. Network is down) - Fielding calls for users with problems (ex. Password reset) - Capacity management (ex. Monitoring system performance, reviewing event data logs, following up on exceptions/errors) - Communicating upcoming system changes or maintenance (ex. New software release on Sunday) - Supplier management (ex. Evaluating suppliers, establishing contracts, managing vendor relationships)}What are the key activities of the expenditure cycle, in