List the causes of information risk,and explain how this risk can bereduced

Q: Explain how the move towards greater use of fair value accountingmight increase information risk

A: Introduction: Information risk: Information Risk is the risk that the information based on which…

Q: Who will benefit from an audit strategy memo? Is there anything specific that needs to be included?

A: The answer:

Q: What are the characteristics of good or useful information?

A:

Q: In terms of configuration, what function does the audit trail play?

A: Here is the Answer

Q: Explain what is meant by information risk, and give at least two (2) causes of this risk.

A: Information risk reflects the possibility that the information upon which the business risk decision…

Q: How to audit PPE?

A: Introduction:- PPE means:- PPE means property , plant, Equipment Which is identified as Fixed asset…

Q: Discuss the independence issue related to Generalized Audit Software

A: GAS stands for Generalized Audit Software, which is defined as the software created in order to…

Q: Issues that can be caused by the following risks: Execution risk Strategic risk Technology risk…

A: Operational risk management (ORM) is characterized as a continuous cyclic process that comprises…

Q: What is the purpose of Access Security Software?

A: Introduction: Access security is a procedure that is implemented into the information technology…

Q: explain the importance of internal control procedures.

A: Internal control: Whatever be kind of control, whether economic or related to the management or any…

Q: Explain what is risk decompositon

A: Risk is referred as the future uncertainty with reference to the deviation from an expected earnings…

Q: Define enterprise risk management.

A: It is basically a strategy that helps businesses to find out the potential various type of risks…

Q: Distinguish between inherent risk and control risk. How do internal controls affect inherent risk…

A: Audit Risk: The risk of issuing an unqualified audit report due to failure in detecting material…

Q: Explain how an IT environment affects independent verification.

A: Bookkeeping articulations, particularly in enormous and complex associations, can contain unexpected…

Q: how does communication aid in assessing inherent risk, control risk and detection risk

A: Factors of Communication aid in Assessing Inherent Risk, Control Risk and detection Risk There are…

Q: What is a semantic data model?

A:

Q: Describe Detection Risk.

A: Risk: It is the uncertainty about the future events of the company. The adverse chances of choosing…

Q: What is an audit trail?

A: The accounting records of an entity are provided in an audit trail. It is used to examine different…

Q: Discuss and explain the sub-processes of risk management

A: Risk management refers to those processes and steps which a finance manager undertakes to reduce the…

Q: Describe Control Risk

A: Audit Risk: The risk of issuing an unqualified audit report due to failure in detecting material…

Q: risk management ideas, common reaction strategies, and IT system recovery issues

A: Some of the important risk management ideas are listed below: Keep an eye on changes in your…

Q: What do you call a thing that is provided by AIS by ensuring the information produced by the system?

A: Accounting Information Systems: An accounting information system is referred to as the system that…

Q: What very important precautions must be taken during the data conversion procedures?

A:

Q: What exposures do data consolidation in a CBIS environment pose?

A:

Q: What are some suggestions for risk management, typical response tactics, and IT system recovery…

A: Risk management:  A system of people, processes, and technology called risk management helps a…

Q: What is the benefit of Generalized Audit Software in an audit?

A: Definition:   Generalized audit software (GAS): The software which assists an auditor to perform…

Q: What is the purpose of a digital audit trail?

A: Digital audit trail means that path which is used to trace the actual transactions from the relevant…

Q: Explain the importance of audit documentation please

A: Introduction:- Audit is to ensure that the companies financial statements are free from all material…

Q: Explain relevant risk

A: Introduction: Risk can be characterised in terms of the uncertainty of future consequences resulting…

Q: COSO to Assess IT Controls

A: Answer:  Internal control is very basic measure to minimize the risk in any organization. In today's…

Q: Differentiate AIS from MIS

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: What is the role of a Database Administrator?

A: Database:  A database can be defined as a collection of structured data which is stored in digital…

Q: Using the flowchart provided below, identify control problems, related risks of the problem and…

A: A cost accountant is different than a cost accountant when we talk about performing duties. The…

Q: What is the audit team’s goal in performing them in an attributessampling application?

A: Attributes sampling involves selecting a small number of transactions from the given population of…

Q: Explain the importance of auditing in reducing information risk.

A: Auditing refers to the evaluation conducted to determine the effectiveness of a firms internal…

Q: Refer to the system flowchart below and identify the internal control risks represented in it:

A: System flowchart is a data flow diagram that analyze the beginning criteria and end results of a…

Q: Discuss why an understanding of legacy system technologies is of some importance to auditors.

A: Legacy system: It can be defined as the old computer hardware or software, outdated technologies,…

Q: Discuss both internal and external factors affecting the ITP systems.

A: Internal Factors:1)Internal Social EnvironmentProblems with transfer pricing exist only inside a…

Q: Explain audited value.

A: The term review ordinarily alludes to a business enterprise report review. A financial review could…