An Information Systems (IS) Audit primarily focuses on evaluating: OA. The physical security of the organization's premises OB. The controls over automated information processing systems ○ C. The marketing strategies of the organization OD. The economic conditions impacting the organization

What is an auditor's main responsibility during an audit? OA. To provide an independent and objective verification process OB. To invest in new technologies OC. To manage the organization being audited OD. To plan company strategies

IT auditors assist organizations by evaluating business and IT-related risks and the effectiveness of the organization's system of internal controls thereby providing                                          to key stakeholders.   a) Internal control b) Risk mitigation c) IT governance d) Assurance

Enterprise risk management A. Guarantees achievement of organizational objectives. B. Requires establishment of risk and control activities by internal auditors. C. Involves the identification of events with negative impacts on organizational objectives. D. Includes selection of the best risk response for the organization.

Select the appropriate control activities for each of the following definitions. Definitions Control Activities a. The company should maintain security over assets and accounting records. Management should periodically determine whether the amounts of physical b. assets of the company match the accounting records. The company should provide employees with appropriate guidance to ensure C. they have the knowledge necessary to carry out their job duties. The actual performance of individuals or processes should be checked against d. their expected performance. Authorizing transactions, recording transactions, and maintaining control of the е. related assets should be separated among employees. To prevent improper use of the company's resources, only certain employees are allowed to carry out certain business activities.

Which of the following is an attribute of the internal control procedure—assignment of​ responsibilities?         A. The external auditors will monitor internal controls.   B. The company should separate the custody of assets from accounting.   C. Each position has clearly assigned responsibilities.   D. To validate their accounting​ records, a company should have an audit by an external accountant.

Which of the following is a device designed to help the audit team obtain evidence about theaccounting and control activities of an audit client?a. A narrative memorandum describing the control system.b. An internal control questionnaire.c. A flowchart of the documents and procedures used by the company.d. All of the above

Following is a list of internal controls. Select the COSO component that best matches each internal control. Internal control a. Implementation of policies to reduce risk of internal control failure. b. Reporting of internal control effectiveness to investors. c. Evaluation of internal control effectiveness by external auditors. d. Identification and management of risks. COSO Control activities Information & communication Monitoring Risk assessment Control environment Assessm

Which of the following types of evidence would an auditor most likely examine to determine whether internal control is operating as designed?Select one:   a. Client records documenting the use of computer programs. b. Gross margin information regarding the client’s industry. c. Confirmations of receivables verifying account balances. d. Anticipated results documented in budgets or forecasts.

When planning the audit of internal controls for an issuer, the audit team shoulda. Identify significant accounts, locations, and assertions.b. Conduct a walkthrough of the internal control process.c. Make inquiries of employees regarding the existence of control activities.d. Reperform control activities performed by client employees to determine theireffectiveness.