Auditing in New IT Millennium 2024

2. IT TODAY AND TOMORROW
•INFORMATION TECHNOLOGY (IT) IS BROADLY USED IN ALL AREAS
OF COMMERCE AROUND THE WORLD. IT IMPERATIVE THAT THE
DEVELOPING WORLD OF COMMERCE NEEDS A PARALLEL
GROWTH OF KNOWLEDGE FOR IT PROCESSES AND CONTROL
THAT IS BASICALLY SIGNIFICANT FOR EVERY BUSNESS’S STANCEI
ON INFORMATION. THE MANNER OF PACING ON HOW
INFORMATION SHOULD BE AVAILABLE FOR BUSINESS IS A
PRIMARY CONCERN OF EVERY EACH OF THEM.

3. TO NAME A FEW, CONTROL ORIENTED
ORGANIZATIONS:
•(AICPA) – AMERICAN INSTITUTE OF CERTIFIED PUBLIC
ACCOUNTANT
•(CICA) – CANADIAN INSTITUTE OF CHARTERED ACCOUNTANTS
•(ACFE) – ASSOCIATION OF CERTIFIED FRAUD EXAMINERS
•THEY RECOGNIZE THE IMPORTANCE OF FURTHER RESEARCH,
STUDIES AND DEVELOPMENT REGARDING IMPROVED CONTROL
FOR IT PROCESSES IN BUSINESS.

4. SECURITY ORGANIZATIONS AGAINST
TECHNOLOGY CRIMES
•(SANS) – SYSADMIN, AUDIT, NETWORK, SECURITY) INSTITUTE
•(GAO) – U.S. GOVERNMENT ACCOUNTABILITY OFFICE
•(FBI) – FEDERAL BUREAU OF INVESTIGATION
•(FTC) – FEDERAL TRADE COMMISSION
•(CSI) – COMPUTER SECURITY INSTITUTE
•(CERT) – COMPUTER EMERGENCY RESPONSE TEAMS

5. CONTROL OBJECTIVE FOR INFORMATION
AND RELATED TECHNOLOGY (COBIT)
• IT IS THE MOST RECENT ADDITION TO THE MAJOR STUDIES CONDUCTED
REGARDING IT CONTROLS. IT BASICALLY DEFINES A SET OF GENERIC
PROCESS FOR THE MANAGEMENT OF IT. ITS COMPONENTS INCLUDE:
1.FRAMEWORK
2.PROCESS DESCRIPTION
3.CONTROL OBJECTIVES
4.MANAGEMENT GUIDELINES
5.MATURITY MODELS

6. •COLLOQUIUM FOR INFORMATION SYSTEM SECURITY
EDUCATORS (CISSE) HAS BEEN A LEADING PROPONENT
FOR IMPLEMENTING THE COURSE OF INSTRUCTION IN
INFORMATION SECURITY (INFOSEC) AND INFORMATION
ASSURANCE IN EDUCATION EVER SINCE 1996.

7. INFORMATION INTEGRITY, RELIABILITY, AND
VALIDITY: IMPORTANCE IN TODAY’S GLOBAL
BUSINESS ENVIRONMENT
•BASED ON HISTORICAL EVENTS, ORGANIZATION ARE CRUCIALLY
RELIANT ON INFORMATION’S IS AN ESSENTIAL MECHANISM A
BUSINESS NEED IN ITS DAY-TO-DAY OPERATION. IT SERVES AS
BASIS AND FOUNDATION OF TRUST BETWEEN THE ENTITY AND
THE STAKEHOLDERS.

8. •MOREOVER, HAVING A DEEPER UNDERSTANDING ABOUT
INFORMATION’S STANDARDS WILL PAVE THE WAY ON EFFICIENCY
AND EFFICACY OF FAIR AND JUST SHARING OF DATA
COMMUNICATION AMONG BUSINESSES, TO WIT:
a.INTEGRITY – COMPLETENESS, HONESTY, AND FAIRNESS OF INFORMATION
b.RELIABILITY – THE EXTENT TO WHICH INFORMATION YIELDS SAME
RESULTS ON REPEATED TRIALS.
c.VALIDITY – IS THE STATE OF BEING WELL-GROUNDED, JUST AND
RELEVANT.

9. E-COMMERCE AND ELECTRONIC FUND
TRANSFER
•E-COMMERCE – IS A METHOD OF BUYING AND SELLING GOODS
AND SERVICES ONLINE.
•ELECTRONIC FUND TRANSFER (EFT) – IS A SYSTEM FOR
TRANSFERRING MONEY FROM ONE BANK TO ANOTHER WITHOUT USING
A PAPER MONEY. THE FUNDS FLOW COULD BE EITHER A SINGLE INSTITUTION
OR MULTIPLE INSTITUTION.IT IS WELL-KNOWN BY A NUMBER OF NAMES
THROUGHOUT COUNTRIES AND DIFFERENT PAYMENT SYSTEMS E.G.,
“ELECTRONIC CHECK” OR “E-CHECK” IN UNITED STATES, “BANK TRANSFER” OR
“BANK PAYMENT” IN UNITED KINGDOM AND LASTLY, “GIRO TRANSFER” IN
SEVERAL EUROPEAN COUNTRIES.

10. FEDERAL SECURITY LEGISLATION
•THE IT AUDITOR SHOULD RECOGNIZE THAT THE U.S. FEDERAL
GOVERNMENT HAS PASSED A NUMBER OF LAWS TO DEAL WITH
ISSUES OF COMPUTER CRIME AND SECURITY AND PRIVACY OF IS.
• COMPUTER FRAUD AND ABUSE ACT OF 1986
MAKES IT A CRIME FOR ANYONE TO ACCESS WITHOUT AUTHORIZATION A
COMPUTER OR COMPUTER SYSTEM USED BY A FINANCIAL INSTITUTION, US
GOVERNMENT AGENCY, OR ANY ORGANIZATION OR INDIVIDUAL INVOLVED IN
INTERSTATE OR FOREIGN COMMERCE OR COMMUNICATION.

11. FEDERAL SECURITY LEGISLATION
•COMPUTER SECURITY ACT OF 1987
WAS A UNITED STATES FEDERAL LAW ENACTED IN 1987 DUE TO
CONGRESSIONAL CONCERNS AND PUBLIC AWARENESS ON
COMPUTER SECURITY-RELATED ISSUES AND BECAUSE OF DISPUTES
ON THE CONTROL OF UNCLASSIFIED INFORMATION. IT WAS INTENDED
TO IMPROVE THE SECURITY AND PRIVACY OF SENSITIVE
INFORMATION IN FEDERAL COMPUTER SYSTEMS AND TO ESTABLISH
MINIMALLY ACCEPTABLE SECURITY PRACTICES FOR SUCH SYSTEM.

12. PRIVACY ON THE INFORMATION
SUPERHIGHWAY
•THE TERM “INFORMATION SUPERHIGHWAY” IS ATTRIBUTED TO
THE FORMER US VICE PRESIDENT AL GORE. HE USED THE TERM
TO DESCRIBE A COMMUNICATIONS NETWORK AKIN TO A HIGHWAY
SYSTEM. THE SYSTEM WILL ALLOW EVERYONE TO BE
CONNECTED TO EVERYONE ELSE, HAVE A UNIVERSAL STANDARD,
AND MINIMIZE BOTTLENECKS.
•ONE MAJOR CONCERN IN INFORMATION SUPERHIGHWAY IS
PRIVACY. “FORGING E-MAIL IS NOTORIOUSLY EASY”, - GARY
JACKSON

13. SECURITY PRIVACY AND AUDIT
•TODAY, PEOPLE ARE SHOPPING AROUND AT HOME THROUGH
NETWORKS. PEOPLE USE “NUMBERS” OR ACCOUNTS TO BUY
WHAT THEY WANT VIA SHOPPING COMPUTER OR PLATFORMS.
THESE “NUMBERS” ARE “DIGITAL MONEY”, THE MODERN
CURRENCY IN THE WORLD. DIGITAL MONEY WILL BRING US
BENEFITS AS WELL AS PROBLEMS.
•FOR IT AUDITOR, THE NEED FOR AUDIT, SECURITY, AND CONTROL
WILL BE CRITICAL IN THE AREAS OF IT AND WILL BE THE
CHALLENGE OF THIS MILLENNIUM.