Podcast
Questions and Answers
Which of the following is NOT an example of an Enterprise Resource Planning (ERP) software?
Which of the following is NOT an example of an Enterprise Resource Planning (ERP) software?
Oracle is a well-known example of ERP software.
Oracle is a well-known example of ERP software.
True (A)
Name one benefit of using Cloud Computing in an IT environment.
Name one benefit of using Cloud Computing in an IT environment.
Scalability
Mobile Device Management refers to managing and securing ______ devices within an organization.
Mobile Device Management refers to managing and securing ______ devices within an organization.
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Match each auditing type with its purpose:
Match each auditing type with its purpose:
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Which of the following is an example of a Cloud Computing service?
Which of the following is an example of a Cloud Computing service?
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IT Governance primarily focuses on the management and control of IT resources in an organization.
IT Governance primarily focuses on the management and control of IT resources in an organization.
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Name one role of an IT Auditor.
Name one role of an IT Auditor.
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The primary purpose of __________ is to ensure the accuracy and reliability of financial reporting.
The primary purpose of __________ is to ensure the accuracy and reliability of financial reporting.
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Match the following ERP software with their main companies:
Match the following ERP software with their main companies:
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Flashcards
ERP System
ERP System
A system of integrated software applications that manages various aspects of a business, such as accounting, human resources, and customer relations.
Cloud Computing
Cloud Computing
The delivery of computing services—including servers, storage, databases, networking, software, analytics, and intelligence—over the internet ('the cloud').
IT Audit
IT Audit
A systematic process of evaluating the effectiveness and efficiency of an organization's information technology (IT) systems and processes.
IT Governance
IT Governance
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ITGC's
ITGC's
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Mobile Device Management
Mobile Device Management
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What are the pillars of IT governance?
What are the pillars of IT governance?
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What is the primary purpose of auditing IS/IT?
What is the primary purpose of auditing IS/IT?
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What are application controls?
What are application controls?
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What is the role of an IT auditor?
What is the role of an IT auditor?
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Study Notes
IT Environment
- Garbage in, garbage out
- Auditing cannot be replaced by AI, it requires human judgment
- Makes processes faster
- Used by national and international organizations
- Improved data storage ability, requiring better control
- Control processes affected, but objectives remain constant
- Technology altered audit methods; auditors need specialized IT skills
Enterprise Resource Planning (ERP)
- Software providing standard business functions in an integrated IT environment
- Allows multiple functions to access a common database
- Reduces costs
- Increases data consistency and accuracy
- Includes procurement, inventory, accounting, HR, finance, asset management
- Management of fixed assets in multi-branch companies
- Data analyzing and more
- ERP examples include SAP, Oracle, Kyubi, Xero, Quickbooks, FIS Global
- Standard methods for automating processes
- Uses real-time information, generating faster financial statements and analysis
Cloud Computing
- Using the internet instead of local drives for data and programs
- Enables ubiquitous, convenient, on-demand access to computing resources
- Increasingly impacts the IT environment
- Used for business processes globally
- Considered key for business strategy
- Migration to shared infrastructure has risks
- Mobile device management applies to personal and work devices
Internet of Things (IoT) and Big Data
- Systems allowing remote assets (devices/sensors) to interact and communicate
- Big Data: large, high-velocity, complex variable data requiring advanced processing
- Meaningful information is pivotal for decision-making
Organization Strategy
- Information is the lifeblood of businesses
- IT is now integral for profitability and service
- IT governance is critical for self-review and assurance
- Includes security and privacy considerations.
- Aligning IT with business strategies.
Acts and Organizations Related to IT Audit
- Sarbanes-Oxley Act of 2002 (SOX)
- Securities and Exchange Commission (SEC) Act of 1934
- Public Company Accounting Oversight Board
Financial Auditing
- Auditing activities related to the fairness of financial statements
- Audits cover equipment, procedures, and data processing
Generally Accepted Accounting Principles (GAAP)
- Establishes consistent financial reporting guidelines for corporations
Generally Accepted Auditing Standards (GAAS)
- Sets standards for auditing procedures
Categories of Audit Standards
- General standards (professional competence, independence)
- Standards of fieldwork (planning, IC evaluation)
- Standards of reporting (consistency, disclosure)
Internal Auditing
- Provides independent assurance to enhance risk management, control, and governance
- Headed by the Chief Audit Executive, reporting to CEO, BOD, and Audit Committee
- Benefits management through insight
External Auditing
- Conducted by external organizations serving the public interest
- Evaluates the reliability of client IT systems
- Familiar with attest function encompassing all activities relating to financial statements
IT Auditing
- Provides assurance about the accuracy of information generated by applications
- Can include advisory services
- Covers people, processes, and IT structure
General Computer Controls (GCC) Audit
- Examines IT general controls (e.g., policies, procedures) related to applications
- Including administration and policies across multiple applications
- Includes custody, authorization, and recording
Information System (IS) and Application Controls
- IT general controls (ITGCs) protect against errors and misstatements
- Need for IT control is noted by different organizations.
- Computer-assisted audit tools (CAATs) are used
- Standards like ISO apply
- Business roles, compliance, and legal issues are parts of audits
- Complicated programming is addressed.
- Auditing complex system development life cycle and assessing data completeness, accuracy, and application controls
IT Governance
- Linking IT principles with enterprise objectives
- Managing IT investments, maximizing returns, and mitigating risks.
- IT ensures support of business goals
- Information dependence, vulnerabilities, and costs.
Roles of IT Auditor
- Advising organizations, setting best practices, and overseeing standards
- Support for senior management daily tasks
- Management effect on business through investigations and documentation
- Delving into computer forensics
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Description
This quiz covers essential concepts of IT environments, Enterprise Resource Planning (ERP), and the influence of cloud computing on organizational processes. It discusses the need for specialized IT skills in auditing and the benefits of ERP systems in enhancing business functions and data accuracy. Test your knowledge on these critical technology topics!
