20 Questions
Which phase of the audit focuses on evaluating whether transactions or events have been handled effectively and efficiently?
Substantive Testing
What is the purpose of the Test of Control phase in an IT environment?
To evaluate the effectiveness of controls in preventing or detecting material misstatements
Which cycle is NOT included in the Test of Control phase?
Production cycle
What is the purpose of the Substantive Test phase in an audit?
To obtain relevant evidence for making a final judgment on the extent of losses or account misstatements
Which assertion is NOT evaluated in the Substantive Test phase?
Completeness
What does CR stand for in the context of audit risk assessment?
Control Risk
What is the relationship between control risk and detection risk?
Inverse relationship
Which phase of the audit is the most expensive?
Substantive Testing
What does NTE stand for in the context of Substantive Testing?
Nature, Timing, and Extent
What is the purpose of the Test of Control phase in an audit?
To evaluate the effectiveness of controls in preventing or detecting material misstatements
Which of the following statements is true about IT Audit?
IT Audit is conducted by auditors who use technical skills and knowledge to audit through the computer system.
What does CAATs stand for?
Computer-Assisted Audit Tools
Which certification is subject to ethics and guidelines that impose professionalism in the auditor's duties?
CISA
What are the steps involved in IT Audit planning?
Audit Planning, Test of Controls, Substantive Testing, Issuance of Audit Report
What does CISA stand for?
Certified Information Systems Auditor
What is the purpose of reviewing an organization's policies, procedures, and structure in IT Audit planning?
To understand the organization's management control and information flow.
What do CAATs and CAATTs allow auditors to do?
View audit trails that are typically invisible to people.
What is the significance of modern information systems in IT Audit?
Modern information systems are the primary source of internal information.
What is the main characteristic of IT Audit?
IT Audit is risk-based.
What does ATSI stand for in IT Audit steps?
Audit Planning, Test of Controls, Substantive Testing, Issuance of Audit Report
Test your knowledge on IT audits and their importance in today's organizations. This quiz will cover the basics of IT audits, including their purpose and their focus on computer-based aspects of information systems. Challenge yourself with questions about the emerging field of IT audits and their role in modern technology-driven organizations.
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