CYB:407-WK5-TEAM-AUDIT-PLAN-AND-POLICY

Following is a list of internal controls. Select the COSO component that best matches each internal control. Internal control a. Implementation of policies to reduce risk of internal control failure. b. Reporting of internal control effectiveness to investors. c. Evaluation of internal control effectiveness by external auditors. d. Identification and management of risks. COSO Control activities Information & communication Monitoring Risk assessment Control environment Assessm

Information Risk Analyst (IT Controls Audit) will help the organization assess risk controls and their effectiveness for current and future design improvements. To be successful in this career path YOU must be familiar with the concept Information Risk. a. Explain the term ‘information risk’ in your own words. b. Discuss three (3) causes of information risk. c. Discuss the three (3) main ways to reduce information risk. d. Differentiate between ‘assurance services’ and ‘non-assurance services,’ giving examples of each.

Internal auditors would most appropriately perform which of the following activities during a review of systems development activity?a. Serve on the MIS steering committee that determines what new systems are to be developed.b. Review the methodology used to monitor and control the system development function. c. Recommend specific automated procedures to be incorporated into new systems that will provide reasonable assurance that all data submitted to an application are converted to machine-readable form.d. Recommend specific operational procedures that will ensure that all data submitted for processing are converted to machine-readable form.

Audit concerns and implications on risk assessment are two important factorsthat must be addressed in a computer information system enviroment.Discuss the above statement.

Section 404 requires management to make a statement identifying the control framework used to conduct their assessment of internal controls. Discuss the options in selecting a control framework.

(ANSWER IN PARAGRAPH FORM) What are the most significant challenges that auditors face when assessing the effectiveness of Internal Control Information Technology General Controls (ITGC), and how can these challenges be overcome in order to ensure the reliability and integrity of IT systems and processes in a CIS environment?

Answer the question below: Please include atleast one reference 1: Explain Audit data analytics in risk assurance

Describe how the audit team assesses control risk in an IT environment.

Discuss and give examples of the various tools to document control risk assessment – such as narratives, flowcharts and checklists.  Discuss the term audit programs – what are they and why are audit programs important to the audit process? Please provide references if there is any.

Describe the Adversary Model (resources, capabilities, intent, motivation, risk aversion, access) for the following common kinds of threats: * Script Kiddies * Cybercriminals * Nation-States * Insiders

Internal controls are perhaps the most important tools for managing operational risk. What are internal controls? Give three examples of internal controls and explain how each control is used to minimize operational risk.

(ANSWER IN PARAGRAPH FORM) What are the most effective tools and techniques used in auditing IT systems and processes, and how do they help auditors identify and mitigate IT-related risks in a CIS environment?

1. What are objectives? What three categories of objectives are set forth in the COSO framework? 2. What does the control environment comprise? 3. What are control activities? What types of control activities are present in a well-designed system of internal controls? 4. When are monitoring activities most effective? Who performs monitoring activities? What distinguishes separate evaluations from ongoing monitoring activities? 5. How does internal auditors' perspective of internal control differ from management's perspective? 6. How does COSO define risk? How does ISO define risk? 7. What are the five COSO ERM components? 8. How does COSO define risk appetite? 9. What are some ERM assurance activities the internal audit function may perform? What are some ERM consulting activities the internal audit function may perform if appropriate safeguards are implemented? What ERM activities should the internal audit function not perform? 10. What are COSO's five categories of risk…

4. Many organizations implement assurance layering strategies to mitigate the risks they face to acceptable levels. One such strategy is the Three Lines of Defense model. a. Describe the first and second lines of defense included in this model. b. Explain what distinguishes the third line of defense from the first two. c. Discuss how the three lines of defense are coordinated. d. Identify the external sources of assurance that organizations use to augment their internal lines of defense.

Enterprise risk management A. Guarantees achievement of organizational objectives. B. Requires establishment of risk and control activities by internal auditors. C. Involves the identification of events with negative impacts on organizational objectives. D. Includes selection of the best risk response for the organization.

Discuss the importance of monitoring and reporting on the institution's compliance with its ALM policies and limits. Explain how this helps to identify and manage risks as they arise

Which option below accurately describes the process of continually assessing internal controls and transactions? Multiple Choice Continuous reporting. О Continuous monitoring. The homogenous systems approach. The heterogeneous systems approach.

A firm is assessing a risk using the risk management process and has just identified the risks to which it is exposed. What is likely to be the next stage in the process? Group of answer choices A. Evaluating risks B. Controlling risks. C. Analysing risks. D. Mitigating risks.

Which of the following are true regarding internal auditors and the adequacy of an organization's risk management process 1. Internal auditors must understand the risk assessment process and the tools used to make the assessment II. Internal auditors should determine the level of risks acceptable to the organization III. Internal auditors need to be satisfied that the key objectives of risk management processes are being met IV. Internal auditors should evaluate management's risk processes the same way they analyze risk when planning an engagement O I II, III and IV O None of the choices O , Il and III only O l and Il only

Which SDLC stage is being performed? Writing operating procedures manuals Developing program and process controls Identifying alternative systems designs Developing a logical model of the systems Identifying external and administrative controls Testing the system Training personnel Evaluating the existing system Analysing the achievement of the systems benefits Modifying and alternating programs Analysing total quality management (TQM) performance measures Conducting a feasibility analysis Aligning AIS development plans with business objectives

1. How does internal control impart on the achievement of organization’s goals? 2. Why risk management process is essential in addressing risks that the organization is facing? 3. Differentiate qualitative and quantitative assessment of risks.