Electronic commerce e-commerce) is generally defined as "conducting commercial activities over the Internet." These commercial activities can be all but which of the following?
Answer(s): D
These commercial activities can be business-to-business B2B), business-to-consumer (B2C), and business-to-employee B2E). Consumer-to-business is not a commercial activity because it does not originate from a business, therefore, it is not considered part of e-commerce.
With regard to e-commerce, risk is best defined as the uncertainty of an event that could:
Answer(s): A
The e-commerce risk and control environment is complex and evolving. Risk can be defined as the uncertainty of an event occurring that could have a negative impact on the achievement of objectives.
Which of the following is not one of the seven elements of risk?
Answer(s): B
The seven elements of risk are threat events, single loss exposure value, frequency, uncertainty. safeguards and controls, safeguard and control costs, and cost/benefit or ROI analysis. Timing, which is not a risk element, is when a risk may occur_ It is different from frequency, which is how often an uncertain event might occur.
Which of the following are elements of risk management and mitigation?I). Threat events and cost/benefit analysisII). Safeguards, controls, and POI analysisIII). Frequency and uncertaintyIV). Safeguard and control costs
The elements relating to risk management and mitigation include safeguards and controls, safeguard and control costs, and cost/benefit or POI analysis. The other elements of risk - threat events, single loss exposure value, frequency, and uncertainty- comprise risk identification and quantification.
A decision not to participate in e-commerce should be carefully analyzed, documented, and approved by whom?
Answer(s): C
The overall audit objective should be to ensure that all e-commerce processes have effective internal controls. Management of commerce initiatives should be documented in a strategic plan that is well developed and approved. If there is a decision not to participate in e-commerce, that decision should be carefully analyzed, documented, and approved by the governing board.
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