Questions and Answers
What is Corporate Governance?
The system by which business corporations are directed and controlled.
What does Governance consist of? (Select all that apply)
Who is responsible for IT Governance?
The board of directors and executive management.
Which of the following is not a GEIT framework?
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IT investments are intended only to mitigate IT risks.
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The two committees involved in IT governance are the IT Strategy Committee and the ______ Committee.
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What is one major role of auditing in GEIT?
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What should an IS auditor understand to achieve the greatest value from an enterprise's resources?
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What should the IT department management focus on during strategic planning?
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Study Notes
Corporate Governance
- Corporate Governance directs and controls business corporations through responsibilities and practices.
- Ensures that goals are achievable, risks are addressed, and resources are utilized properly.
- Comprises framework, principles, structure, processes, and practices to monitor compliance and performance.
IT Governance
- Responsibility of the board of directors and executive management.
- Integrates IT into enterprise governance to align IT strategy with business strategy.
- Involves leadership and processes ensuring IT supports and extends organizational strategies and objectives.
GEIT Framework Implementation
- Addresses key areas such as IT resource management, performance management, and compliance management.
GEIT Frameworks
- Notable frameworks include:
- COBIT 5
- ISO/IEC 27001
- ITIL (Information Technology Infrastructure Library)
- ISM3 (Information Security Management Maturity Model)
- ISO/IEC 3800:2008 (Corporate Governance of IT)
- ISO/IEC 20000
Goals of IT Governance
- Aim to generate business value from IT investments and mitigate IT-related risks.
Audit Role in GEIT
- Critical for implementing IT governance successfully within organizations.
- Provides best practice recommendations to senior management.
- Ensures compliance with GEIT initiatives.
Assessment Aspects for EGIT
- Alignment of enterprise governance with EGIT.
- Integration of the IT function with the organization's mission, vision, values, objectives, and strategies.
- Achievement of performance objectives like effectiveness and efficiency.
- Compliance with legal, environmental, information quality, fiduciary, security, and privacy requirements.
- Evaluation of the organization’s control environment and inherent risks in the IS environment.
Committees in IT Governance
- IT Strategy Committee: Develops and oversees IT strategies.
- IT Steering Committee: Guides and ensures alignment of IT projects with business goals.
Importance of Information Systems (IS)
- Essential for enterprise support, sustainability, and growth.
- Faces threats from resource abuse, cybercrime, fraud, and errors.
- IS processes are vital for ensuring attainment of business goals and competitive advantages.
IS Strategic Planning
- Long-term direction leveraging IT to improve business processes.
- IT department and steering committee play key roles in plan implementation.
Role of IS Auditor
- Must recognize the significance of IS strategic planning and management control practices.
- Analyze CIO or senior management involvement in overall business strategy.
- Understand resource allocation and investment practices to maximize value from limited resources.
Benefits Assessment
- Financial benefits impact the organization’s budget and finances.
- Non-financial benefits focus on operations and mission performance.
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Description
This quiz explores the fundamentals of corporate governance as it relates to IT auditing. Understand how organizations are directed and controlled, the responsibilities of management, and the practices used to ensure strategic goals and risk management. Perfect for students and professionals in the field of IT and business management.
