The document discusses various topics related to auditing in a computerized environment, including:
- Controls that can address risks identified by an IT manager such as processing wrong data, security breaches, and system errors.
- The concept of an audit trail and how it allows transactions to be traced from details to summaries.
- Classification of controls as preventive, detective, or corrective with examples.
- Suggesting controls to address issues in an internal auditor's report, such as weak passwords and default firewall policies.
- Approaches to auditing computerized systems, including around vs. through the computer.
- Factors to consider when using computer-assisted audit techniques.
Computer-Assisted Audit Tools and Techniques_supriadi
Be familiar with the classes of transaction input controls used by accounting applications.
Understand the objectives and techniques used to implement processing controls, including run-to-run, operator inventions, and audit trail controls.
Understand the methods used to establish effective output controls for both batch and real-time systems.
Computer-Assisted Audit Tools and Techniques_supriadi
Be familiar with the classes of transaction input controls used by accounting applications.
Understand the objectives and techniques used to implement processing controls, including run-to-run, operator inventions, and audit trail controls.
Understand the methods used to establish effective output controls for both batch and real-time systems.
Computer Assisted Audit Tools and Techniques - the Force multiplier in the ba...Ee Chuan Yoong
Agenda
Business case for Computer Assisted Tools/Techniques (CAATs) and data analytics
Using CAATs to size up business processes quickly
Simple CAATs techniques that yield quick return on investment
Using CAATs for investigative work
How CAATs was successfully integrated into a pre-CAATs audit team
Case Study |How Nelito Systems helped Absa Bank (Mauritius) Limited(Barclays Bank) make FinancialRegulatoryReporting more consistent, accurate and efficient using Robotic Process Automation (RPA) Technology
Computer Assisted Audit Tools and Techniques - the Force multiplier in the ba...Ee Chuan Yoong
Agenda
Business case for Computer Assisted Tools/Techniques (CAATs) and data analytics
Using CAATs to size up business processes quickly
Simple CAATs techniques that yield quick return on investment
Using CAATs for investigative work
How CAATs was successfully integrated into a pre-CAATs audit team
Case Study |How Nelito Systems helped Absa Bank (Mauritius) Limited(Barclays Bank) make FinancialRegulatoryReporting more consistent, accurate and efficient using Robotic Process Automation (RPA) Technology
For more classes visit
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Multiple-Choice Questions
1. The process by which a financial transaction is recorded so that its flow through the system can be followed is called:
a) Financial shadowing
b) Managerial trace technique
c) Concatenation
d) Audit trail
For more classes visit
www.snaptutorial.com
Multiple-Choice Questions
1. The process by which a financial transaction is recorded so that its flow through the system can be followed is called:
a) Financial shadowing
b) Managerial trace technique
c) Concatenation
d) Audit trail
Page 1 of 4 Bullzeye Data Breach Readiness Assessment .docxalfred4lewis58146
Page 1 of 4
Bullzeye Data Breach Readiness Assessment
IIA Case Study
Bullzeye is a discount retailer offering a wide range of products, including: home goods, clothing, toys,
and food. The company is a regional retailer with 10 brick-and-mortar stores as well as a popular online
store. Due to the recent credit card data breaches of various prominent national retail companies (e.g.,
Target, Home Depot, Staples), the Bullzeye Board of Directors has taken particular interest in information
security, especially as it pertains to the protection of credit cardholder data within the Bullzeye
environment. The Board has asked executive management to evaluate and strengthen the enterprise’s
information security infrastructure, where needed.
In order to respond to the Board regarding their preparedness for a cyber-security attack, the Chief
Financial Officer (CFO) has engaged your IT consulting firm to identify the inherent risks and
recommend control remediation strategies to prevent or to detect and appropriately respond to data
breaches. Your firm has been requested to liaison with the Internal Audit Department during the
engagement. Your first step is to gain an understanding of Bullzeye’s IT environment. The Chief Audit
Executive (CAE) schedules a meeting with key Bullzeye leadership personnel, including the CFO, Chief
Information Officer (CIO), and Chief Information Security Officer (CISO). The following key
information was obtained.
Background
IT Security Framework/Policy - Bullzeye has an information security policy, which was developed by the
CISO. The policy was developed in response to an internal audit conducted by an external firm hired by
the CAE. The policy is not based on one specific IT control framework but considers elements contained
within several frameworks. An information security committee has been recently formed to discuss new
security risks and to develop mitigation strategies. The meeting will be held monthly and include the
CISO and other key IT Directors reporting to the CIO. In addition, a training program was implemented
last year in order to provide education on various information security topics (e.g., social engineering,
malware, etc.). The program requires that all staff within the IT department complete an annual
information security training webinar and corresponding quiz. The training program is complemented by
a monthly e-mail sent to IT staff, which highlights relevant information security topics.
General IT Environment - Most employees in the corporate office are assigned a standard desktop
computer, although certain management personnel in the corporate and retail locations are issued a laptop
if they can demonstrate their need to work remotely. The laptops are given a standard Microsoft Windows
operating system image, which includes anti-malware/anti-virus software and patch update software
among others. In addition, new laptops are .
Continuous auditing and monitoring (“continuous reviews”) has been discussed for decades but implemented in moderation based on recent surveys. It comes down to how much are data analytics integrated into our audit processes initially to then become continuous. If a high degree of integration exists, then there is probably a good amount of continuous reviews happening in the organization already.
However, most companies fall into the other camp and have not integrated analytics well enough or considered how to take full advantage of continuous reviews.
This course will explain culturally what audit departments must do to embrace continuous reviews and how that can be integrated with ACL Desktop software techniques. Sample files and scripts will be provided to get you started down the road to continuous reviews.
As regulatory changes sweep the globe, auditors, risk management, and compliance professionals are using more sophisticated tools, and methods.
Using a live/video training library approach, we help companies of all sizes use audit and assurance software to improve business intelligence, increase efficiencies, identify fraud, test controls, and bottom line savings.
AuditNet and Cash Recovery Partners Webinar recording available at auditsoftwarevideos.com and AuditNet.tv (registration required) Recording free to view.
Sample Data Files for All Courses are available for $49
To purchase access to all sample data files, Excel macros and ACL scripts associated with the free training visit AuditSoftwareVideos.
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
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The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
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Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
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1. Audit and Assurance – Past Paper Questions
1
Q. The IT Manager has conducted an in-house review of his operations and has identified
the following specific risks and exposures:
(a) Processing the wrong data file.
(b) Missing transactions.
(c) Processing improper transactions.
(d) Recording transactions in a wrong accounting period.
(e) Lost transactions after a restart.
(f) Information security breaches and inadequate controls over privacy of data.
(g) System errors could go undetected or uncorrected for extended periods of time thus
compromising data integrity.
Since you are the IT Auditor, he has requested you to advise him on at least two controls
or control procedures each that may be put in place to address the identified risks and
exposures. (14)
Q. As data is stored electronically it may be difficult to trace transactions from the detail
to the summary. For example a report may claim to show TOTAL SALES for the
month but there is no way to check manually that every single invoice has been
included unless each transaction is logged. This ability to track transactions through
various reports is known as audit trail.
Required:
(a) Briefly explain the concept of Computer Audit. (04)
(b) Discuss ‘Round the Computer Audit’ and ‘Through the Computer Audit’. (08)
Q. Classify the following controls as preventive, detective, or corrective controls. Give
very brief reasons to justify your answers.
(i) Strong passwords
(ii) Exception reports
(iii) Digital signatures
(iv) Segregation of duties
(v) Backups
(vi) Review of system activity logs (06)
Q. Most of the advanced and sensitive systems place significant reliance on automated
controls. Audit trail is one such automated control.
(a) Explain the concept of audit trail in a computerized environment. (02)
(b) List the major benefits which can be derived from the use of audit trails (03)
Q. Classify the following controls into Input, Processing and Output Controls.
(i) Limit checks on calculated amounts.
(ii) Signature on source documents.
(iii) Use of bar codes.
(iv) Marking a file as read only.
(v) Audit trail.
(vi) Run-to-run totals.
(vii)Exception report showing data that does not conform to specified criteria.
(viii) Initial data should be within a predetermined range of values.
(ix) Checkpoint and recovery procedures.
(x) Unique login and password.
(xi) Restriction on printing of confidential reports.
(xii) Sequential checks. (06)
2. Audit and Assurance – Past Paper Questions
2
Q. The internal auditor of Crest Securities Limited has highlighted the following issues in
his report:
(i) Most of the users have weak passwords.
(ii) There is no password expiry policy.
(iii) Locked user accounts are unlocked automatically after 24 hours.
(iv) Users are allowed to use their smart phones, tablets and laptops for sending and
receiving official emails/documents.
(v) Firewall is installed with its default policy.
Required:
Suggest appropriate controls to address the above issues. (10)
Q. Segregate the following into preventive, detective and corrective controls and give brief
justification in support of your choice.
(i) Reviewing credit card bill before payment.
(ii) Keeping ATM card PIN separate from ATM card.
(iii)Monitoring expenditures against budgeted amounts.
(iv) Submitting revised invoices after correction.
(v) Updating IT access lists if individual’s role changes.
(vi) Review of implemented controls by internal auditor.
(vii)Mandatory change of computer passwords after every 45 days. (07)
Q. Smart Lease (SL) is a large-sized leasing company, primarily engaged in the leasing of
automobiles and industrial equipments. Operations of the company are fully automated
and are on custom-built IT applications. Over the last couple of years, the company has
experienced a number of IT related security incidents such as sabotage, fraud, and theft
of confidential or propriety information, both at head office and in branches.
Management has analyzed these incidents and come to the conclusion that majority of
these incidents were the work of insiders, i.e. employees of the company itself.
Required:
Suggest at least six IT security practices/controls which SL should establish to prevent
or detect insiders’ attacks on its IT resources. In each case explain the rationale behind
your suggestion. (12)
Q. Your firm is conducting IT audit of Elegant (Private) Limited (EPL) which is a
distributor of FMCG and has a network of branches across the country. Successful
implementation of an ERP system in the company last year has led to widespread
availability of information in all business areas.
Being the job in-charge on this assignment you have decided to adopt ‘concurrent
auditing techniques’. However, the audit manager has advised you that since
concurrent auditing techniques have never been used previously, the change should be
communicated to the client before implementing the same.
Required:
Prepare a note for EPL’s management describing briefly the factors which have
necessitated the use of concurrent auditing techniques; and (07)
Q. You are employed in a firm of chartered accountants. This is your second year as the
audit supervisor on the audit of Greet Bank Limited. The bank has made considerable
progress during the year under review which includes introduction of online banking
and increase in the number of branches.
3. Audit and Assurance – Past Paper Questions
3
This year you intend to adopt “through the computer” approach as against “around the
computer” approach followed last year.
Required:
(a) Justify the audit approach adopted last year and explain the reasons for the change in
approach for the current year. (08)
(b) Identify the difficulties which may arise while using “through the computer”
approach.(02)
Q. Generalized Audit Software provides a means to gain access to and manipulate data
maintained on computer storage media.
Required:
(a) Briefly explain the following functional capabilities provided by the generalized audit
software and in each case give two examples of how the auditor might use these
functional capabilities:
Stratification and frequency analysis
Arithmetical
Statistical (7.5)
(b) Discuss any two limitations of generalized audit software. (03)
Q. (a) Identify any six factors that need to be considered while making a decision as regards
the use of Computer Assisted Audit Techniques (CAATs). (06)
(b) Describe the steps that need to be taken while planning the use of CAATs. (07)
Q. Identify the important matters which an IS Auditor would consider while selecting a
Computer Assisted Audit Technique. How could greater productivity and improved
quality of audits be achieved through CAATs? (06)
Q. With the emergence of business conglomerates and globalization the conventional
techniques of manual auditing are no longer an option. The quantum, location and
complexity of data stored in computerized systems warrants auditing through computer
based tools and techniques to ensure efficiency and provide desired level of assurance
to the stakeholders.
Required:
(a) Describe Generalized Audit Software and its major functions. (08)
(b) List any four limitations of Generalized Audit Software. (04)
Q. Compare the two techniques of auditing in the computerized environment viz.
‘Auditing around the computer’ and ‘Auditing through the computer’ and discuss risks
involved, benefit, reliability and ease of implementation. (05)