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CISA 1.0 - ISACA > Chapter 1 Terms > Flashcards

Chapter 1 Terms Flashcards

1
Q

Administrative Audit

A

An audit oriented to assess issues related to the efficiency of operational productivity within an organization

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2
Q

Attribute Sampling

A

Generally applied in Compliance Testing situations and deals with the presence or absence of the attribute and provides conclusions that are expressed in rates of incidence

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3
Q

Audit Charter

A

An overarching document that covers the entire scope of audit activities in an entity

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4
Q

Audit Documentation

A

The necessary evidence supporting the conclusions reached and should be clear, complete, easily retrievable and sufficiently comprehensible

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5
Q

Audit Methodology

A

A set of documented audit procedures designed to achieve planned audit objectives

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6
Q

Audit Program

A

A step-by-step set of audit procedures and instructions that should be performed to complete an audit

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7
Q

Audit Report

A

The end product of the IS audit work, which are used by the IS auditor to report findings and recommendations to management

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8
Q

Audit Risk

A

The risk that information may contain a material error that may go undetected during the course of the audit

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9
Q

Audit Universe

A

Ideally lists all of the processes that may be considered for audit

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10
Q

COBIT 5

A

Provides a comprehensive framework that assists enterprises in achieving their objectives for the governance and management of enterprise IT

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11
Q

Compliance Audit

A

An audit that includes specific tests of controls to demonstrate adherence to specific regulatory or industry standards

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12
Q

Compliance Testing

A

Evidence gathering for the purpose of testing an organization’s compliance with control procedures

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13
Q

Confidence Coefficient

A

A percentage expression of the probability that the characteristics of the sample are a true representation of the population

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14
Q

Continuous Auditing

A

A method to automatically perform control and risk assessments on a more frequent basis that changes the audit paradigm from periodic reviews of a sample of transactions to ongoing audit testing of 100% of transactions and becomes an integral part of modern auditing at many levels

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15
Q

Control Objectives

A

Statements of the desired result or purpose to be achieved by implementing control activities (procedures)

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16
Q

Control Risk

A

The risk that a material error exists that would not be prevented or detected on a timely basis by the system of internal controls

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17
Q

Control Self-Assessment (CSA)

A

An assessment of controls made by the staff and management of the unit or units involved

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18
Q

CSA Approach

A

Emphasizes management and accountability over developing and monitoring internal controls of an organization’s sensitive and critical business processes

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19
Q

Detection Risk

A

The risk that material errors or misstatements that have occurred will not be detected by the IS auditor

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20
Q

Difference Estimation

A

A statistical model used to estimate the total difference between audited values and book values based on differences obtained from sample observations

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21
Q

Discovery Sampling

A

A sampling model that can be used when the expected occurrence rate is extremely low

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22
Q

Engagement Letter

A

Focused on a particular audit exercise that is sought to be initiated in an organization with a specific objective in mind

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23
Q

Evidence

A

Any information used by the IS auditor to determine whether the entity or data being audited follows the established criteria or objectives and supports audit conclusions

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24
Q

Executive Summary

A

An easy-to-read, concise report that presents findings to management in an understandable manner

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25
Q

Expected Error Rate

A

An estimate stated as a percent of the errors that may exist

26
Q

Financial Audit

A

An audit to assess the accuracy of financial reporting

27
Q

Forensic Audit

A

An audit specialized in discovering, disclosing and following up on fraud and crimes

28
Q

Generalized Audit Software (GAS)

A

Standard software that has the capability to directly read and access data from the various database platforms, flat-file systems and ASCII formats

29
Q

Inherent Risk

A

The risk level or exposure of the process/entity to be audited without taking into account the controls that management has implemented

30
Q

Integrated Audit

A

An audit that combines financial and operational audit steps

31
Q

Integrated Auditing

A

The process whereby appropriate audit disciplines are combined to assess key internal controls over an operation, process or entity

32
Q

Internal Control(s)

A

Composed of policies, procedures, practices and organizational structures that are implemented to reduce risk to the organization

33
Q

IS Audit

A

The formal examination, interview and/or testing of information systems to determine whether:

(1) Information systems are in compliance with applicable laws, regulations, contracts and/or industry guidelines
(2) IS data and information have appropriate levels of confidentiality, integrity and availability
(3) IS operations are being accomplished efficiently and effectiveness targets are being met

34
Q

IS Control Objectives

A

Provide a complete set of high-level requirements to be considered by management for effective control of each IT process

35
Q

Level of Risk

A

Equal to one minus the Confidence Coefficient

36
Q

Long-Term Planning

A

Audit plans that will take into account risk- related issues regarding changes in the organization’s IT strategic direction that will affect the organization’s IT environment

37
Q

Operational Audit

A

An audit designed to evaluate the internal control structure in a given process or area

38
Q

Overall Audit Risk

A

The probably that information or financial reports may contain material errors and that the auditor may not detect an error that has occurred

39
Q

Population Standard Deviation

A

Measures the relationship to the normal distribution

40
Q

Precision

A

Represents the acceptable range difference between the sample and the actual population

41
Q

Risk

A

The combination of the probability of an event and its consequence
AND
Adverse impact(s) that could occur to organizational operations, organizational assets, individuals, other organizations due to the potential for unauthorized access, use, disclosure, disruption, modification, or destruction of information and/or information systems

42
Q

Risk Acceptance

A

Knowingly and objectively not taking action, providing the risk clearly satisfies the organization’s policy and criteria

43
Q

Risk Analysis

A

Part of audit planning and helps identify risk and vulnerabilities so the IS auditor can determine the controls needed to mitigate risk

44
Q

Risk Assessment

A

An iterative life cycle that begins with identifying business objectives, information assets, and the underlying systems or information resources that generate, store, use or manipulate assets critical to achieving these objectives

45
Q

Risk Avoidance

A

Avoiding risk by not allowing actions that would cause the risk to occur

46
Q

Risk Mitigation

A

Applying appropriate controls to reduce the risk

47
Q

Risk Transfer/Sharing

A

Transferring the associated risk to other parties

48
Q

Sample

A

The subset of population members used to perform testing

49
Q

Sample Mean

A

The sum of all sample values, divided by the size of the sample. Measures the average value of the sample

50
Q

Sample Standard Deviation

A

Computes the variance of the sample values from the mean of the sample

51
Q

Short-Term Planning

A

Audit issues that will be covered during the year

52
Q

Specialized Audit

A

An audit that reviews areas such as services being performed by third parties

53
Q

Stop-or-go Sampling

A

A sampling model that helps prevent excessive sampling of an attribute by allowing an audit test to be stopped at the earliest possible moment

54
Q

Stratified Mean per Unit

A

A statistical model in which the population is divided into groups and samples are drawn from the various groups

55
Q

Substantive Testing

A

Evidence is gathered to evaluate the integrity of individual transactions, data or other information

56
Q

Tolerable Error Rate

A

The maximum misstatement or number of errors that can exist without an account being materially misstated

57
Q

Traditional Approach

A

Any approach in which the primary responsibility for analyzing and reporting on internal control and risk is assigned to auditors, and to a lesser extent, controller departments and outside consultants

58
Q

Unstratified Mean per Unit

A

A statistical model in which a sample mean is calculated and projected as an estimated total

59
Q

Utility Software

A

A subset of software that provides evidence to auditors about system control effectiveness

60
Q

Variable Sampling

A

Generally applied in Substantive Testing situations and deals with population characteristics that vary (such as monetary values and weights) and provides conclusions related to deviations from the norm

CISA 1.0 - ISACA (51 decks)

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