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ITABP > Module 2: Audit Planning and Business Process > Flashcards

Module 2: Audit Planning and Business Process Flashcards

1
Q

A ________ is an interrelated set of __ ____ activities or events that result in the delivery of a specific product or service to a customer.

A

Business Process; Cross Functionals

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2
Q

What are the responsibilities of business process owner?

A
  1. Identify Requirements
  2. Approval of Process Design
  3. Should be of high level in the organization in order to be able to assign resources.
  4. Managing Process Performance
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3
Q

The role of the IS internal audit function should be established in?

A

The audit charter

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4
Q

Who approves of the audit charter?

A

BOD and Audit Committee or Senior Management

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5
Q

What is the difference between the audit charter and the engagement letter?

A

Audit Charter - whole scope of audit activities
Engagement Letter - specific audit exercise

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6
Q

___ ___ ___ ___should be drawn up for the year based on the organization’s direction in terms of technology and related risk that needs to be addressed

A

a detailed staff training plan

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7
Q

The Audit Charter should include these 4?

A
  1. Purpose
  2. Authority
  3. Responsibility
  4. Accountability
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8
Q

What can the board approve?

A
  1. Charter
  2. Risk Based Plan
  3. IS Budget and Resource Plan
  4. Appointment and Removal of Chief Audit Executive
  5. Wage of Chief Audit Executive
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9
Q

Can IS auditors subordinate their judgement on audit matters to other?

A

No.

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10
Q

the engagement can be completed in accordance with applicable IT audit and assurance standards and, where required, other industry standards or applicable laws and regulations that will result in a
professional opinion or conclusion

A

Reasonable Expectation

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11
Q

maintain high standards of conduct and character, and they will refrain from engaging in acts that may discredit themselves or the profession

A

Due Professional Care

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12
Q

a collective term that refers
to the knowledge, skills, and
other competencies required
of internal auditors to effectively carry out their professional responsibilities

A

Proficiency

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13
Q

What should professionals do to maintain compentence in their line of work

A

through continuing professional education and training

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14
Q

Considers audit Issues that will be covered during the year

A

Short Term Audit Planning

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15
Q

Considers risk related issues that will incur change in the IT Environment

A

Long Term audit planning

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16
Q

List of all processes that may be considered for Audit

A

Audit Universe

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17
Q

Risks can be rated as?

A

High
Medium
Low

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18
Q

The evaluation of risk should be ideally based on the inputs of?

A

The business process owners

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19
Q

Analysis of short-term and long-term issues should occur

A

At least annually

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20
Q

The review of the analysis results should be done by

A

Audit Senior Managment/ Audit Committe or BOD

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21
Q

Steps of Perform Audit Planning

A
  1. Understand organization
  2. Understand Audit Objectives and Org Governance Structure
  3. Understanding changes in the business environment of the auditee
  4. Review prior work papers
  5. Identify Contents
  6. Risk Analysis
  7. Set Audit Scope and Objectives
  8. Develop Audit Approach
  9. Assign personnel
  10. Adress Engagement Logistics
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22
Q

What are the two considerations regarding laws and regulations on IS audit planning?

A
  1. Legal Requirements placed on Audit or IS Audit
  2. Legal Requirements placed on the auditee (PICAA, GDPR)
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23
Q
A
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24
Q

What are the differences between single, two, and three tier architecture of e-commerce?

A

Single Tier - Client Based application running on a single computer
Two Tier- Has a client and a server
Three Tier - Has a presentation layer (GUI), application layer (Functionality), and data layer (Database)

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25
Q

play a key role in most ecommerce
systems, maintaining data for website pages
accumulating customer information and storing clickstream data for analyzing website usage

A

Databases

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26
Q

Persistent customer data should not be stored in?

A

Web Servers or servers connected to the internet

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27
Q

E-Commerce Risk: Potential consumers are concerned about providing unknown vendors with personal information for a number of reasons.

A

Confidentiality

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28
Q

E-Commerce Risk: Data in transit and in storage could be susceptible to unauthorized alteration or deletaion

A

Integrity

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29
Q

E-Commerce Risk: allows customers to have data 24/7 hence losses can be acquired when it is down

A

Availability

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30
Q

E-Commerce Risk: requires that the parties prove their identities before executing the transaction

A

Authentication

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31
Q

E-Commerce Risk: a manner of ensuring that the transacting parties cannot deny that the transaction was completed

A

Non-repudiation

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32
Q

E-Commerce Risk: Organizations participating in e business need to make their offerings attractive and seamless in terms of service delivery

A

Power Shift to Customers

33
Q

What concept should a business case be built upon?

A

The 4 C’s: Customers, Competitors, Capability, Costs

34
Q

E-Commerce Requirements: cannot succeed without a clear vision and strong commitment from the top of an oganization

A

Top-level Commitment

35
Q

E-Commerce Requirements: how technology can fundamentally reconfigure some of its basic business processes

A

Business Process Reconfiguration

36
Q

E-Commerce Requirements: accelerate response times, provide real interaction to customers and customize responses to individual customers

A

Links to Legacy System (Linking an e-commerce system to legacy system enables it to have more capabilities and improve response times)

37
Q

According to E-Commerce Requirements, what is the key needed to make e commerce work if its not techology

A

Ingenuity

38
Q

Electronic transmission of transactions between two oganizations

A

Electronic Data Interchange

39
Q

Moves data from one point to another and determines how acknowledgements are transmitted and reconciled

A

Communications Software

40
Q

What flags the start and end of an EDI Transmission?

A

Communications Software

41
Q

Helps build a map and shows how the data fields from the application correspond to the standard EDI format

A

Translation Software

42
Q

necessary in mapping the transaction, writing the
partner’s profile and tells the system where to send each
transaction and how to handle errors and exceptions

A

EDI Standard

43
Q

includes transmission, translation and storage of
transactions initiated by or destined for application
processing

A

EDI System Software

44
Q

What are the functions of a traditional EDI?

A
  1. Communications Handler
  2. EDI Interface
  3. Application System
45
Q

Receives all the outbound transactions from an organization, sorts the, by destination and passes them to the receipients

A

Value Added Network

46
Q

Functions of EDI: includes transmission, translation and storage of
transactions initiated by or destined for application
processing

A

Communications Holder

47
Q

Functions of EDI: manipulates and routes data between the application system and the communications handler

A

EDI Interface

48
Q

moves electronic
transactions to or from the application systems
and performs data mapping. It Imay generate
and send functional acknowledgments, verify the
identity of partners and check the validity of
transactions by checking transmission information
against a trading partner master file

A

Application Interface

49
Q

Functions of EDI: processes the data sent to and from the trading partner

A

Application System

50
Q

Test of ______ of messages received should be based on trading partners’ ____ ____ or ______ received that substantiates special situations

A

Reasonableness; transaction history; documents

51
Q

What should be in place between parties to reduce the risk of tapping into the transmission lines?

A

Direct or dedicated transmission channels

52
Q

What should be in the transmissions to identify the source and destination?

A

Electronic Signatures

53
Q

What should exist to ensure that what is sent is received?

A

Message Authentication Codes

54
Q

What is the control objective of inbound transactions?

A

All Inbound EDI transactions should be completely and accurately received, translated, passed on to the application, and processed only once.

55
Q

What is the control objective of outbound EDI transactions?

A

-Only properly authorized transactions are processed
- Outbound EDI messages are initiated upon authorization
- Contain only pre-approved transaction types
-Sent only to valid trading partners

56
Q

The validity of the sender against trading partners detail by:

A
  1. Use of Control Fields within an EDI message at either the transaction, function, group or interchange level
  2. The use of VAN sequential control numbers or reports
  3. The sending of an acknowledgement to the sender .
57
Q

______ count total built into the transaction set trailers
_______ set count total built into the functional group headers
_______ batch control totals built into the functional group headers

A

Segment; Transaction; Batch

58
Q

enable the capture of data at the time
and place that sales transactions occur

A

Point of Sale Systems

59
Q

What should the IS auditor ensure when there are Personally Identifiable Information are stored within Point of Sale systems?

A

That they are encrypted

60
Q

What are the Risk Management Controls for E-Banking?

A
  1. Board and Management Oversight
  2. Security Controls
  3. Legal and Reputational Risk Managment
61
Q

Replaces traditional check writing and cash collection procedures?

A

Electronic Fund transfer

62
Q

specialized form of the POS
terminal that is designed for
the unattended use by a
customer of a financial
institution

A

Automated Teller Machine

63
Q

Recommended Internal Control Guidelines for ATM: Regarding PINS

A
  • Procedures for PIN issuance and protection during storage
  • Procedure for PIN security during delivery and locking after unsuccessful number of attempts
64
Q

Recommended Internal Control Guidelines for ATM: What is subject to the highest level of access?

A

Anything related to the generation of PINs

65
Q

Recommended Internal Control Guidelines for ATM: Audit trails for transactions that have been made in the ATM must be made in what form?

A

Internal Registration in Internal paper or digital media

66
Q

Technology that allows computer to detect voice and touch tones using a normal phone call

A

Interactive Voice Response

67
Q

Purchase Accounting System Components

A
  1. Accounts Payable Processing
  2. Goods Received Processing
  3. Order Processing
68
Q

method of manipulating or altering
an image to achieve a desired
result, typically for improving its
visual quality or extracting useful
information from it.

A

Image Processing

69
Q

Image Processing: The integrity and reliability of the imaging system database are related directly to the ?

A

Quality of Controls over access to the system

70
Q

Image Processing: What problems can arise from scanning devices?

A

It may not be able to handle a large number of transactions.

71
Q

What are the ICS risk factors?

A
  1. Delayed Flow of Information
  2. Unauthorized changes to instructions
  3. Inaccurate Information
  4. Malware or Modification
  5. Interference with the operation of safety systems
72
Q

Basic assumptions or formulas are given and then used to analyze repetitive situation. Conclusions are made using the analysis.

A

Expert Systems

73
Q

contains
specific information or fact
patterns associated with
particular subject matter and the
rules for interpreting these facts

A

Knowledge Base

74
Q

is linking the business processes
between the related entities such
as the buyer and the seller

A

Supply Chain Management

75
Q

is the combination of practices,
strategies and technologies that
companies use to manage and
analyze customer interactions and
data throughout the customer
lifecycle

A

Customer Relationship Management

76
Q

Concerned with maximizing the utility of the customer’s service experience while also capturing useful data about the customer interaction

A

Operational CRM

77
Q

seeks to analyze information
captured by the organization
about its customers and their
interactions with the
organization into information
that allows greater value to be
obtained from the customer base

A

Analytical CRM

78
Q

What are the components of Analytical CRM

A
  1. OLAP
  2. Data Mining
  3. Data Warehousing
79
Q

Using the Work of Other experts: Factors to be considered

A
  1. Restriction on Outsourcing of audit/Security Services provided by laws and regulations
  2. Audit Charter or Contractual Stipulations
  3. Impact on overall and specific IS audit objectives
  4. Impact on IS audit risk and professional liability

ITABP (10 decks)

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