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Chapter Three

Chapter Three. IT Risks and Controls. Types of IT Risks. Business risk Audit risk inherent risk control risk detection risk Security risk Continuity risk. Assessing IT Risk. Threats and vulnerabilities The expected value of risk

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Chapter Three

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  1. Chapter Three IT Risks and Controls

  2. Types of IT Risks • Business risk • Audit risk • inherent risk • control risk • detection risk • Security risk • Continuity risk

  3. Assessing IT Risk • Threats and vulnerabilities • The expected value of risk • Risk indicators and risk measurement – risks relative to IT processes

  4. COSO – 5 components of IC • Control environment • Risk assessment • Control activities • Information and communication • Monitoring

  5. International IC Standards • Cadbury • CoCo • Other country standards

  6. Quality Control Standards • ISO 9000 series – certifies that organizations comply with documented quality standards • Six Sigma – an approach to process and quality improvement

  7. Statements on Auditing Standards • Issued by AICPA’s Accounting Standards Board • SAS 78 Consideration of IC in a Financial Statement Audit: An Amendment to SAS No. 55 • SAS 94 The Effect of IT on the Auditor’s Consideration of IC in a Financial Staetment Audit • New standards related to risk assessment

  8. ISACA’s CobiT • Integrates IC with information and IT • Three dimensions: information criteria, IT processes, and IT resources • Requirements of quality, fiduciary, and security • Domains: planning and organization, acquisition and implementation, delivery and support, and monitoring • New management guidelines

  9. Systems Reliability Assurance • SysTrust • WebTrust • New AICPA Trust Principles

  10. Documenting It Controls • Internal control narratives • Flowcharts – internal control flowchart • IC questionnaires

  11. Monitoring IT Risks and Controls • CobiT control objectives associated with monitoring • Need for independent assurance and audit of IT controls

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