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CHAPTER 1 AUDITING AND INTERNAL CONTROL QUESTIONS: 1. What is the purpose of an IT audit? IT audits help to evaluate process and systems that are in use to guard an organization against cybersecurity threats. 2. What are the conceptual phases of an audit? How do they differ between general auditing and IT auditing? 1) Audit planning 2) Test of controls 3) Substantive tests Mostly they are no difference between IT audit and general audit. IT audit is a part of the general audit. 3. Distinguish between the internal and external auditors. External auditors represent outsiders, while internal auditors represent the organization’s interests. 4. What are the four primary elements described in the definition of auditing? 1) Auditing standards 2) Systematic process 3) Management assertions and audit objectives 4) Obtaining evidence 5. Explain the concept of materiality. In auditing refers to quantity and quality. 6. How does the Sarbanes-Oxley Act of 2002 affect management’s responsibility for internal controls?
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