8 Questions
What is the primary purpose of a control self-assessment (CSA)?
To assess the reliability of the internal control system
What is one of the benefits of a CSA?
Development of a sense of ownership of the controls in the employees and process owners
Who facilitates the self-assessment of IT-related controls?
An IT auditor and/or risk manager
What should an IT auditor ensure regarding monitoring activities?
Explicit acknowledgment by management that all monitoring activities are recorded in the enterprise IT risk register
What is the primary purpose of control monitoring?
To verify whether the control is effectively addressing the risk
What is the significance of self-assessment in monitoring controls?
It helps in identifying where corrective actions can be taken
How should the monitoring of controls be based?
Based on data that are relevant to the risk and overall performance
When risk action plans are required, what should be monitored?
The plans to ensure they align with enterprise risk appetite and tolerance
Study Notes
Control Self-Assessment (CSA)
- Primary purpose of a CSA: to evaluate the design and operating effectiveness of IT-related controls
Benefits of CSA
- One of the benefits: identifies control deficiencies and opportunities for improvement
Facilitation of Self-Assessment
- IT management facilitates the self-assessment of IT-related controls
IT Auditor Responsibilities
- Ensure that monitoring activities are properly documented and tested
Control Monitoring
- Primary purpose: to provide assurance that controls are operating effectively
- Significance of self-assessment in monitoring controls: allows for ongoing evaluation of control performance
Monitoring of Controls
- Should be based on risk and materiality
Risk Action Plans
- When required, monitoring should focus on progress and completion of remediation activities
Test your knowledge of control self-assessment (CSA), a management technique used to assure stakeholders about the reliability of internal control systems. Explore the concepts of proactive control reviews, risk awareness, and staff and management involvement.
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