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ISAD > IS AUDIT > Flashcards

IS AUDIT Flashcards

1
Q

Enumerate the four Audit Process

A

PLANNING
COMPLIANCE TESTING
SUBSTANTIVE TESTING
REPORTING

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2
Q

The IS auditor and the auditee must establish a reason why an audit is to be performed.

A

Purpose

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3
Q

To know which areas require the greatest amount of attention,
the IS auditor needs to be familiar with the levels of risk associated with the domain being audited.

A

Risk Analysis

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4
Q

It could be a given period, meaning records spanning a start date and end date may comprise the body of evidence, geography (systems in a particular region or locale), technology (systems using a specific operating system, database, application, or other aspect), business process (systems that support specific processes such as accounting, order entry, or customer support), or segment of the organization.

A

scope

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5
Q

There may be specific rules on sample sizes and sampling techniques, or it may require the auditors with specific qualifications to perform the audit. A

A

Audit procedures

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6
Q

The IS auditor needs to develop an audit schedule that will
give enough time for interviews, data collection and analysis, and report generation.

A

Schedule

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7
Q

The IS auditor must determine what resources are needed and available for the audit.

A

Resources

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8
Q

Refers to the specific goals for an audit

A

Audit objectives

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9
Q

This type of audit is an examination of IS controls, security controls, or business controls to determine control existence and
effectiveness.

A

Operational Audit

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10
Q

This type of audit is an examination of the organization’s accounting system, including accounting department processes and procedures.

A

Financial Audit

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11
Q

This type of audit combines an operational audit and a
financial audit in order for the auditor to gain a complete understanding
of the entire environment’s integrity

A

Integrated Audit

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12
Q

This type of audit is a detailed examination of most or all of an IS
department’s operations.

A

IS Audit

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13
Q

This type of audit is an examination of operational efficiency within some segment of the organization

A

Administrative Audit

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14
Q

This type of audit is performed to determine the level
and degree of compliance to a law, regulation, standard, or internal control.

A

Compliance Audit

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15
Q

This type of audit is usually performed by an IS auditor or a forensic specialist in support of an anticipated or active legal proceeding.

A

Forensic audit

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16
Q

An examination of
business processes, IS systems, and business records in anticipation of an upcoming external audit.

A

Pre-audit

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17
Q

This type of testing is used to determine if control procedures have been properly designed and implemented, and that they are operating properly

A

Compliance testing

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18
Q

This type of testing is used to determine the accuracy and integrity of transactions that flow through processes and information systems

A

Substantive testing

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19
Q

The information collected by the auditor during the course of the audit project.

A

Evidence

20
Q

Enumerate Characteristics of an IS Auditor

A

Independence
Qualifications
Objectivity
Timing

21
Q

Refers to the technique that is used when it is not feasible to test an entire population of transactions.

A

Sampling

22
Q

A technique of random selection is used that
will statistically reflect the entire population

A

Statistical Sampling

23
Q

In this type of sampling the IS auditor judgmentally and subjectively selects samples based on established criteria such as risk or materiality.

A

Judgmental Sampling

24
Q

Used to calculate an average by group, similar to demographics, whereby the entire population is divided into smaller groups based on similar characteristics

A

Stratified Sampling

25
Q

The precision rate indicates the acceptable margin of error between audit samples and the total quantity of the subject population.

A

Precision or Expected Error Rate

26
Q

Used to determine the difference between audited and unaudited
claims of value.

A

Difference Estimation

27
Q

Used to indicate the maximum number of errors that can exist
without declaring a material misstatement.

A

Tolerable error rate

28
Q

Any act of deception used to gain an advantage. the intentional deception made for personal gain or damage to another party.

A

Fraud

29
Q

Established as a dollar amount threshold that is calculated in one of several possible ways

A

Materiality

30
Q

The term that
describes the action taken to address a risk.

A

Risk Treatment

31
Q

This involves making changes to processes, procedures, systems, or controls that will reduce either the probability of a threat or its impact.

A

Risk reduction

32
Q

This typically involves the use of insurance, which is used to
compensate the organization for the financial losses or damages that will
occur if the threat were realized

A

Risk Transfer

33
Q

The organization will cease the activity associated with
the risk.

A

Risk Avoidance

34
Q

In this case, the organization feels that the risk is acceptable
and that no measures need to be taken to reduce the risk further.

A

Risk Acceptance

35
Q

TRUE OR FALSE:
The audit must be based on meaningful evidence that is materially relevant.

A

True

36
Q

TRUE OR FALSE: The auditor should design every audit to adhere to standards.

A

True

37
Q

TRUE OR FALSE:
The interview process must be scheduled
and must implement predefined questions for the purpose of gathering data.

A

True

38
Q

TRUE OR FALSE:
Test results are usually reported as noteworthy for special achievement, conforming to
minimum requirements, opportunity for improvement, a concern that’s not a violation yet,
and nonconformity.

A

True

39
Q

TRUE OR FALSE:
Continuous audit methods such as audit hooks or SCARF with embedded audit modules (SCARF/EAM) are used in environments where it
is possible to interrupt production.

A

False

40
Q

TRUE OR FALSE:
The best evidence will tell its own story.

A

True

41
Q

TRUE OR FALSE:
Irrelevant evidence will not affect the final decision

A

True

42
Q

TRUE OR FALSE:
Test results are usually reported as noteworthy for special achievement, conforming to minimum requirements, opportunity for improvement, a concern that’s not a violation yet,
and nonconformity.

A

True

43
Q

TRUE OR FALSE:
An independent auditor can work on fixing problems.

A

False

44
Q

TRUE OR FALSE:
Issues of high significance should be communicated directly to the audit committee.

A

True

45
Q

TRUE OR FALSE:
Control self‐assessments are designed to empower the customer’s staff.

A

True

46
Q

TRUE OR FALSE:
The purpose of the controls is to prevent harm and
protect an asset.

A

True

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