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Accounting,InformationTechnology,andBusinessSolutionsChapter5.doc

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EndofChapterMaterialsandSuggestedSolutionsChapter5-PageAccounting,InformationTechnology,andBusinessSolutions2/ebyHollander,Denna,andCherringtonReviewQuestionsR1.Whatismeantbyasystemofinternalcontrols?Internalcontrolsareasetofrules,policies,andproceduresanorganizationimplementstoprovidereasonableassurancethat(1)itsfinancialreportsarereliable,(2)itsoperationsareeffectiveandefficient,and(3)itsactivitiescomplywithapplicablelawsandregulations.R2.Distinguishbetweenrisk,exposure,andthreat.Risk,aswithmanywordsintheEnglishlanguage,hasmultiplemeaningssowemustbecarefultodefinehowweareusingit.Ariskisanyexposuretothechanceofinjuryorloss.(Somepeopleusethetermriskinamorenarrowsensetodescribetheprobabilityofalossoccurring.)Threatisanotherwordsomepeopleusetodescribethesesituationsbecausetheyrepresentaprobableevil,violence,orlosstotheentity.Therearesomanypotentialrisksthatitmayseemoverwhelmingtotrytocontrolallofthem.Soweshouldonlyworryaboutthemostsignificantrisks.Thesignificanceofariskisdeterminedby(a)itsimpactontheorganization,and(b)thelikelihoodofitoccurring.Exposureisawordsomepeopleusetodescribethepotentialimpactontheentity.R3.Describetherelationshipbetweenrisk,opportunity,andobjectives.Opportunityandriskgohandinhand.Youcan’thaveanopportunitywithoutsomeriskandwitheveryriskthereissomepotentialopportunity.People’sobjectivesandthestatedobjectivesoftheorganizationimpactbothrisksandopportunities.Conservativeobjectivesthatcanbeeasilyachievedrequirelessrisk.Moreaggressiveobjectivescreategreaterriskasmoredifficultandcomplexactivitiesarepursuedtoachievethem.Changecreatesopportunities.Theworldisconstantlychangingandchangeisoftenviewedinanegativelightbecauseitupsetsthestatusquo.Thepeoplewhoarethemostsuccessfularethosewhoareabletoanticipatechange,recognizetheopportunitiesassociatedwithit,andadaptveryquickly.Insummary,changecreatesmanynewopportunities.Theopportunitiesanorganizationseeksareguidedbyitsobjectives.Butwitheveryopportunitythereissomeelementofrisk.Weseektomanagetheser