Question 1. How would you weigh risk against return? Is there a point when return makes risk invalid? Explain your answer well.
Question 2. When is insurance beneficial? Is insurance ever not beneficial? Explain your answer very well.
Question 3. Where would you begin an evaluation of an internal control system? Please explain why?
Question 4. What are some major components of an internal control system? Are these components always necessary? Explain your answer.
Question 5. Explain the details of a fraud scheme that internal controls, due to inherent limitations, cannot impede
Question 6. Describe some considerations for observing physical inventory. Explain a fraud scheme that could be used for inventory.
Question 7. Explain how a company's growth can outpace current controls and provide an example
Question 8. Explain some major risks inherent in the payroll cycle. How can these risks be mitigated?
Question 9. Explain how controls and security are related for information assets
Question 10. Explain the links between business continuity, system availability, and disaster recovery?