Solution Manual Chapter One York University-Books Pdf

SOLUTION MANUAL CHAPTER ONE York University
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Information Information Technology Assurance, 5 What is the IT implication of International Financial Reporting Standard . IFRS implementation will lead to changes in accounting systems depending on the. industry and the extent of computerization in an organization For example IFRS does. not permit LIFO , 6 How can IT auditors be proactive to help manage risks . An internal auditor can make recommendations to control deficiencies to help improve. controls The internal audit department should adopt a systems development audit. methodology to mirror the organization s systems development methodology in order to. review systems development documentation as it is prepared to identify potential control. deficiencies The internal audit department should also establish a protocol with. management to review draft policies and procedures to help ensure that there are. adequate internal controls External auditors proactive roles include testing internal. controls during the interim audit and bringing control deficiencies to management. attention ASAP , 7 What do you see is the role of a computer audit specialist in a financial statement audit . As the general population is more IT literate day by day so are auditors Today s. auditors can understand and test some IT controls that twenty years ago required. computer audit specialists Meanwhile IT is growing and becoming more sophisticated . Hence there is still a need for IT audit specialists A computer audit specialist should. be used to assess infrastructure and software change controls as they tend to be more. technical for medium to large organizations , 8 Which of the current IT issues identified in the CICA survey do you think affect the. financial statement audit more , A Data integrity directly affects the control assurance criteria of completeness .
accuracy authorization accuracy and timeliness and there is crucial to the external. auditors Information management to prevent overload and ensure that the right. information goes to the right manager is of less concern for non financial. information , B Legislation regulations and compliance This is of high concern to the financial. statement auditors because of the legal nature , C New and emerging technologies This is of concern to external auditors because if. new technologies are deployed without proper testing and training transactions. may be processed incorrectly , D Information skills and resources This is of high concern to low to moderate. concern to external auditors because inadequate knowledge can lead to incorrect. transactions and inadequate staff can decrease segregation of duties . E IT governance This is of moderate concern to external auditors because. governance forms the platform for internal controls The concern is moderate. because the controls actually exercised by senior management are less directly. relevant to transaction processing , F Outsourcing This is of high concern to external auditors because it can affect their. ability to test internal controls , 2, Information Information Technology Assurance.
G Public trust This is of moderate concern to external auditors because the lack of. public trust means systems are not reliable , H Management and operation of technology infrastructure This is of high concern to. external auditors because they affect infrastructure controls including general. controls , I Business continuity and pandemic awareness This is of high concern to external. auditors because of the going concern relevance , J Impact of the economy on information technology This is of a moderate concern to. external auditors The concern stems from deteriorating segregation of duties. potentially resulting from economic downturns , 9 Which components of the CISA examination do you think are more relevant to the. audit of financial statements , The components are .
A Information systems audit process This is directly relevant to external auditors. because an audit that requires an external audit usually relies significantly on. information systems , B IT governance This is of moderate concern to external auditors because. governance forms the platform for internal controls The concern is moderate. because the controls actually exercised by senior management are less directly. relevant to transaction processing , C Systems and infrastructure life cycle This is directly relevant because it is. critical for management to management the life cycles to ensure systems continue. to be reliable , D IT service delivery and support This is highly relevant because unreliable. service delivery and support will lead to incorrect transaction processing . E Protection of information assets This is highly relevant to external auditors. because inadequate information asset protection will lead to unauthorized or. unsubstantiated transactions , F Business continuity and disaster recovery This is relevant because of going. concern , 10 What kind of IT knowledge do you expect of the chief auditor of a large bank .
A large bank has extensive information systems so it is important for the chief. auditor to be IT savvy on a wide scale and keep in touch with IT deployment in the. bank S he has to be an IT generalist that is willing to learn from conferences . discussions with staff and meetings with IT executives The chief auditor should be. IT literate enough to have regular meetings with the chief information officer to. assess IT risks at a corporate level , 3, Information Information Technology Assurance. CASE, 1 What do you think are the causes of aging systems in the public sector . Governments have experienced funding constraints in recent years as a result of. increasing public demand for services and decreasing tax revenues This puts. pressure on the IT budget It can lead to a general attitude of keeping systems. until they break even if they are aging and require more and more patching . Patching maintenance and fixing of source code for functional reliability and. efficiency is risk and error prone in general , 2 Are the causes of aging systems applicable to the public sector also common to. the private sector , These factors are also applicable to the private sector especially for companies. with legacy systems that are not essentials Companies that experience revenue. contraction will have to cut expenses Unlike governments companies are more. inclined to cut people instead of IT budget because efficient and reliable systems. make them competitive , 3 How do the risks of government systems differ from private sector business.
systems , The risk factors of completeness accuracy authorization timeliness occurrence. and efficiency apply to both the private and public sectors Private sector. organizations are more concerned about efficiency and timeliness than public. sector organizations , 4, Information Information Technology Assurance. MULTIPLE CHOICE QUESTIONS, 1 Which system component affects a system s importance the most . A Infrastructure, B Information, C Software, D People. E Procedures, 2 Who is responsible for ensuring system reliability .
A Management, B Auditors, C CIO, D Chief risk officer. 3 What should be CEO s main concern about the annual doubling of computing. power , A Increasing spending, B Impact on audit fee. C Inappropriate use by employees, D Opportunity and risk. 4 What affects an IT strategy the most , A Annual doubling of computing power. B Regulatory requirement, C Business strategy, D Systems development plan.
5 Which type of system has benefited the most from fast growth in computing. power , A Customer relationship management, B ATM. C Payroll, D Local area network, 6 Who should own the customer relationship management system in a. major Canadian bank , A Chief financial officer, B Chief executive officer. C Head of personal banking, D Chief information officer. 5, Information Information Technology Assurance, 7 Which system component is most critical to ensure system availability .
A Information, B Infrastructure, C People, D Software. E Procedures, 8 Which reliability concern is increased in cloud computing . A Completeness, B Accuracy, C Timeliness, D Authorization. E Efficiency, 9 Which is the most relevant pair , A Quantum computing and big data. B System owner and infrastructure, C Privacy and accuracy.
D Peyton Manning and Roger Federer, 10 Which position requires the most powerful system access . A Chief information officer, B System owner, C System administrator. D Chief technology officer, 6, Information Information Technology Assurance. CHAPTER TWO, 1 How does automation affect segregation of duties . Automation usually reduces the number of employees in a process This means less. segregation of duties However one might argue that some duties formerly. carried out by people are now automated Since computers don t lie or collude. and seldom makes mistakes even though there are fewer people left segregation. of duties has not suffered Well that is a misconception because in thinking so . one has neglected the fact that computers are controlled by people and therefore. people can use computers to collude Thus we are back to the initial assessment. that automation reduces segregation of duties and that is generally the case . 2 What do you see are the responsibilities of a chief risk officer . The chief risk officer should also develop and maintain the risk assessment and. risk acceptance policy as well as supporting procedures to ensure consistent risk. assessment in the organization This executive should also provide a center of. excellence in risk assessment To maintain the risk registry the chief risk officer. has to coordinate periodic risk assessment and ensure that the findings are. addressed with internal control improvements There should be a corporate risk. report broken down by business line and types of risks e g IT credit market . submitted to senior management at least annually . 3 What are the risks of an ATM banking system , Because of portability the biggest risk faced by ATM users is the risk of.
unauthorized transactions Unlike the risk of inaccuracy incompleteness or. untimeliness which can be prevented with system functions the risk of. unauthorized transactions can be magnified by users not safeguarding their cards. and PINs properly , 4 Why are financial statement auditors content with moderate control risk . Because the purpose of the audit of financial statements is to express an opinion. on the fairness of the financial statements rather than an opinion on controls the. level of control assurance sought by the external auditors is only moderate This. moderate level of assurance limits the extent of control testing conducted by. external auditors This is why external auditors typically use smaller sample sizes. when testing controls compared to internal auditors In fact external auditors. often rely on the work of internal auditors to further limit the extent of control. testing conducted directly Such reliance will help to keep the audit fee low . When the external auditors can conclude that internal controls are moderately. reliable they can limit the scope of their substantive testing i e the testing of. transactions and account balances for substantiation Substantive testing is. generally more time consuming than internal control testing so it pays for the. external auditors to seek a moderate level of internal control reliance For. 7, Information Information Technology Assurance, example if the external auditors can conclude that internal controls over credit granting. and sales processing are reliable they can limit the scope of account confirmation and. vouching to sales and payment details for substantiation . 5 What is the relationship between sample size and risk . Both control testing and substantive testing involve sampling The larger the. sample size the more likely that the sample result will reflect the state of. population Therefore there is an inverse relationship between sample size and. risk , 6 What level of control risk can external auditors tolerate when giving an opinion on a. client s compliance with Sarbanes Oxley Act , Sarbanes Oxley Act requires a public company to file a report with Securities. Exchange Commission that includes an external audit opinion on the adequacy of. internal controls that support the financial statements This opinion is in addition. to the external audit opinion on financial statements Because there is now an. opinion on internal controls the control risk tolerable to the external auditors is. low , 7 What risks do consultants cause to an organization .
IT consultants are commonly used to fill the gap between business requirements. for IT support and available staff resources or expertise Consultants are more. fluid and expensive and therefore should be subject to rigorous justification to. hire and close monitoring They may not be as familiar with the organization s. rules of dos and don ts so may need more guidance than employees . 8 What computer characteristics can both increase and decrease risk . SOLUTION MANUAL CHAPTER ONE Review Questions 1 Which system component is the most business critical and why The 5 system components are infrastructure software procedures people and information Even though information is often the result of computer processing i e the end it is the most important component of a system Hardware and

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