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ITABP > Module 6: Audit Project Management > Flashcards

Module 6: Audit Project Management Flashcards

1
Q

What are the basic steps for managing and administering audit projects?

A
  1. Plan the audit engagement
  2. Build the Audit Plan
  3. Execute the plan
  4. Monitor Project Activity
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2
Q

Make a realistic estimates of the
time requirements for each task
with proper consideration given
to the _____ of the auditee

A

availability

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3
Q

What is the difference between control and audit objectives?

A

-Audit objectives refer to what you want to achieve in an audit
-Control objectives refer to how you want an internal control to function

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4
Q

Audit Objectives: An audit generally incorporates one objective (T or F)

A

False. Multiples

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5
Q

Audit Objectives: What is mostly the main focus of audit objectives?

A

To ensure that an internal control exists to minimize risk
To ensure that internal controls functions as expected

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6
Q

Audit Objectives: Audit management may give an IS auditor a general control objective to
review and evaluate when performing an audit. (T or F)

A

True

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7
Q

Audit Objectives: An is auditor must understand what?

A

How general audit objectives can be translated into specific IS control objective

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8
Q

Audit Objectives: What is one of the primary purpose of an IS audit

A
  1. To identify control objectives
  2. To identify the related controls that address these objectives
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9
Q

Audit Objectives: An IS auditor should identify both key ____after developing an understanding and documenting the business processes and the applications/functions that support
these processes and general support systems

A

general and application controls

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10
Q

Audit Phases - Planning: What are the steps in the planning phase of auditing?

A
  1. Determine the audit subject
  2. Determine the audit objective
  3. Identify the audit scope
  4. Perform Preaudit Planning
  5. Determine Procedures
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11
Q

Audit Phases - Planning: A ______ will help the IS auditor define a set of______ that is relevant to the
audit and further determine the ___________ necessary to evaluate different
technologies and their components

A
  1. clear scope
  2. testing points
  3. technical skills and resources
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12
Q

Audit Phases - Planning: What is done in order to finalize the scope of an audit plan?

A

Risk assessment

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13
Q

Audit Phases - Planning: In which step does the interviewee of the auditee about activities that should be included in the scope?

A

Perform preaudit planning

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14
Q

Audit Phases - Planning: What are the resources that can be identified once the subject, objective, and score are defined?

A
  1. Technical skills and resources
  2. Budget and effort
  3. Location or facilities to be audited
  4. Roles and responsibilities
  5. Time frame for stages of the audit
  6. Sources of information
  7. Points of contract for admin and logistics arrangement
  8. Communication plan
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15
Q

Audit Phases - Planning: What are the specific activities in the Audit procedures step of the planning phase?

A
  1. Identify departmental policies, standards, and guidelines
  2. Identify regulatory requirements
  3. Identify list of interviewees
  4. Identify methods (including tools)
  5. Develop audit tools and methodology for testing of controls
  6. Develop test scripts
  7. Develop criteria
  8. Define a methodology to evaluate the results and tests are accurate
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16
Q

term used to describe the audit
strategy and audit plans that
include scope, objectives,
resources, and procedures used
to evaluate a set of controls and
deliver an audit opinion

A

Audit program

17
Q

What are the factors that affect and audit?

A
  1. Organizational goals
  2. Market Conditions
  3. Change in technology
  4. Changes in regulatory requirements
18
Q

What are the general audit proc

A
  1. Obtaining and recording an understanding of the audit area/subject
  2. Creating a risk assessment and general audit plan and schedule
  3. Performing detailed audit planning that includes the necessary audit steps and a breakdown of the
    work planned across an anticipated timeline
  4. Doing a preliminary review of the audit area/subject
  5. Evaluating the audit area/subject
  6. Verifying and evaluating the appropriateness of controls designed to meet control objectives
  7. Conducting compliance testing (tests of the implementation of controls and their consistent
    application)
  8. Conducting substantive testing (confirming the accuracy of information)
  9. Reporting (communicating results)
  10. Following up in cases where there is an internal audit function
19
Q

Audit Program: What are the skills needed?

A
  1. Understanding of the nature and industry
  2. Understanding of IT
  3. Understanding of the relationship between IT and Business Risk
  4. Understanding of different Testing Procedures
20
Q

Audit Work Papers: The format and media of work papers have industry standard (T or F)

A

False. It varies depending on the needs of the department

21
Q

Audit Work Papers: IS auditor should particularly consider what?

A

how to maintain:
1. integrity
2. protection
of audit test evidence

22
Q

Can be considered the bridge between audit objectives and the final report?

A

Work Papers

23
Q

Audit Work Papers: Work papers should provide a seamless transition—with ____ ____ ____ for the work
performed—from objectives to report and from report to objectives.

A

traceability and support

24
Q

Audit Work Paper: Plans for the audit include the audit program (T or F)

A

True

25
Q

Fraud: Who is responsible for the timely detection of fraud

A

Management

26
Q

Fraud: How can internal controls fail?

A
  1. Exploitation of vulnerabilities
  2. Management perpetrated weakness in controls
  3. Collusion
27
Q

Fraud: The presence of controls negates the existence of controls (T or F)

A

False. It does not eliminate fraud entirely

28
Q

Fraud: IS auditors should do what?

A
  1. Consider the risk of irregularities
  2. Know fraud indications
  3. Know means of doing fraud
29
Q

Fraud: What do you do when During the course of regular assurance work, an IS auditor you come across instances or indicators
of fraud

A

Request for a more detailed investigation to appropriate authorities

30
Q

Fraud: If you encounter a major fraud or if the risk associated with detection is high, as an IS auditor what should you do?

A

Audit management shall report to the audit committee

ITABP (10 decks)

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