Accounting Systems, Transaction Processing, and Internal Control

These flashcards cover key concepts related to accounting systems, transaction processing, controls for availability and integrity, and principles of confidentiality and privacy as highlighted in the lecture.

Availability

A key objective that aims to minimize the risk of system downtime and ensure quick recovery and resumption of operations.

Preventive Maintenance

The practice of performing routine maintenance tasks like cleaning and proper storage to minimize risks.

Fault Tolerance

The ability of a system to continue functioning properly in the event of a failure of some of its components.

Business Continuity Plan (BCP)

A strategy to ensure that an organization can continue its operations during and after a disaster.

Disaster Recovery Plan (DRP)

Procedures to restore an organization’s IT function after data center destruction.

Cold Site

An empty building prewired for necessary telecommunications that can be equipped as needed.

Hot Site

A fully equipped facility ready for business activities with necessary computing resources.

Digital Signature

An electronic signature created by using a hashing algorithm and the creator's private key.

Encryption

The process of converting plaintext into an unreadable format to protect it from unauthorized access.

Symmetric Encryption

A type of encryption that uses the same key for both encrypting and decrypting data.

Asymmetric Encryption

An encryption method that uses a pair of keys, one public and one private.

Hashing

The process of converting data into a fixed-length code that cannot be reversed.

User Review

A control process where users verify the reasonableness and completeness of output data.

Access Controls

Mechanisms put in place to restrict access to information and systems to authorized users only.

Privacy Regulatory Acts

Legislation such as the Spam Act 2003 and Cybercrime Act 2001 aimed at protecting personal information.

Data Entry Controls

Checks implemented during data input to ensure accuracy and completeness.

Batch Processing

The method of inputting multiple source documents at once to increase processing efficiency.