Chapter 1 IT Governance

and IT Strategy Part A

Recitation Questions
Asst. Prof. Apollo D. Layug, MSPA, MBA, CMA, CPA
AIS Faculty Member
UST Alfredo M. Velayo College of Accountancy
University of Santo Tomas
Question 1 - Question

The purpose of Corporate Governance is to build

an environment of what?
(Provide at least one answer)
Question 1 - Answer
a)trust
b)transparency
c)accountability
Question 2 - Question
An example of a government regulation related to
corporate governance is the Sarbanes Oxley Act or
SOX. Which section of the SOX requires public
companies to have an independent external auditor
inspect their internal control practices?
Question 2 - Answer
Section 404
Question 3 - Question
Which framework is created by ISACA?
a)COSO Framework
b)COBIT Framework
c)Conceptual Framework
d)ISO Framework
Question 3 - Answer
b)COBIT Framework
Question 4 - Question
Guidance and supervision for IT should be given by whom?
Question 4 - Answer
Senior management
Question 5 - Question
One of the factors which made EGIT significant is
the need to meet regulatory requirements for IT
controls in areas such as privacy and financial
reporting. Which regulatory requirements ensure
that financial institutions have enough capital on
account to absorb unexpected losses?
Question 5 - Answer
Basel Accords (Basel I, II and III)
Question 6 - Question
In the audit’s role in EGIT, what guarantees good
practices?
Question 6 - Answer
Establishment of internal controls
Question 7 - Question
Audit will improve what aspects of the IT
governance initiatives implemented by an
enterprise? (Provide at least one answer)
Question 7 - Answer
a)quality
b)effectiveness
Question 8 - Question
What should be done if the organizational status
and skill sets of an IS auditor is found to be
inadequate?
Question 8 - Answer
Consider hiring a third party to perform the audit