IT Risk Assessment Process Overview

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What is the purpose of the reporting standards in the ISACA Code of Professional Ethics?

To communicate audit findings and recommendations effectively

What information should be included in the report provided by auditors according to the ISACA Code?

Details like scope, objectives, period of coverage, extent of work performed, etc.

According to ISACA Code 1402, what is the auditor's responsibility regarding follow-up activities?

To repeatedly monitor relevant information

What does ISACA state about using the standards mentioned in the 1400 Series?

Sets a minimum level of acceptable performance

Which of the following is NOT a part of the details that should be included in the auditor's report?

Nature of management's response

What is the main responsibility of auditors regarding communication as per ISACA Code?

To communicate audit results effectively to relevant parties

Why does ISACA disclaim that using the standards will not assure a successful outcome?

To encourage auditors to go beyond minimum standards

What is the purpose of auditing follow-up activities as per ISACA Code 1402?

To assess if management has taken appropriate action on audit findings

'Exclusive' in relation to the ISACA Code standards means they:

'Exclude other procedures and tests reasonably directed at obtaining the same results'

Learn about the iterative life cycle of the IT risk assessment process, starting from identifying business objectives and information assets to establishing an adaptive IT risk management process. Understand the dynamic nature of IT risk and its importance in supporting business risk management.

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