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IT Audit and Internal Controls

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Questions and Answers

What is the primary responsibility of the audit committee?

Overseeing IT audit activities

Setting the overall direction for internal audit activities (correct)

Managing the internal audit function

Coordinating financial reporting

Why must audit committee members be independent directors?

To ensure they have a strong understanding of IT audit

Because they need to work closely with management

To reduce the risk of internal controls failures

Due to SOx requirements (correct)

Who can attend audit committee meetings?

Only independent directors

Members of management and others invited by the committee (correct)

The entire board of directors

Only audit committee members

What is the purpose of the audit committee's internal audit function?

To provide assessments of internal controls and financial activities Signup and view all the answers

What is the typical size of an audit committee?

5 to 6 members Signup and view all the answers

What is the outcome of the audit committee's decisions?

They are enacted through board resolutions Signup and view all the answers

What is the typical reporting structure for an internal audit function in a larger enterprise?

The internal audit function reports to the audit committee of the board of directors. Signup and view all the answers

What tends to be the focus of many audit committees?

Financial reporting and SOx compliance issues. Signup and view all the answers

What is the primary role of the audit committee in relation to the internal audit function?

To oversee the internal audit function's budget and plans. Signup and view all the answers

Why should IT auditors be more involved with the audit committee?

Because IT issues and internal controls play a significant role in modern enterprise operations. Signup and view all the answers

What should internal audit provide to the audit committee?

The results of their work and highlights of issues requiring further action. Signup and view all the answers

Who do IT auditors typically report to in a larger enterprise?

The chief audit executive (CAE). Signup and view all the answers