Accounting Information Systems: Test Review Essay Example

the audit committee has direct responsibility for hiring and firing external auditors, certifying financial reporting accuracy, overseeing internal audit department operations, and conducting tests on internal controls. River rafting adventures in Iowa offers rafts and tour guides for tourists seeking adventure in Iowa's wild rivers. Management has determined that there is only one chance in a thousand for clients being injured or killed during these tours, with resulting lawsuits having an average cost of $650k; however insurance coverage with a $50k deductible is available to cover residual risk.Unless there is proof of criminal negligence, this insurance policy covers legal expenses. To decide on the most appropriate option, a cost-benefit analysis should be conducted by the company. Options range from $50 to $600 and each should be carefully evaluated.

There are three key principles to consider in information security. Firstly, it's not solely a technology issue but also involves management. Secondly, risk can be minimized through preventive, detective and corrective controls based on time. Thirdly, defense-in-depth necessitates multiple layers against threats.

Identification monitoring, authentication, authorization and threat assessments are vital components for effective information security. Detecting controls such as physical access controls, encryption and emergency response teams can enhance security measures too. Multi-factor authentication improves system access credibility by utilizing more than one password.

Authorization control includes a table indicating user-granted system access areas while buffer overflow attack is the most prevalent input-related vulnerability.Organizations can utilize vulnerability scans or pen-tests conducted by either internal audit teams or external security consultants to identify and resolve vulnerabilities in their information systems. To ensure security, effective passwords must meet specific requirements such as being difficult to guess or predict, consisting of at

least eight characters with combinations of letters (both upper and lower case), numbers, and symbols while avoiding frequent reuse and saving in plain text format. Social engineering attacks involve manipulation tactics aimed at tricking individuals into revealing confidential information like passwords or valuable data using techniques like email phishing, baiting, or pretexting. Given the considerable threat posed by social engineering attackers to information system security, it is essential that individuals become knowledgeable about these tactics and implement measures to address them.