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IT Audits and Control Contents

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Added on  2021-06-14

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IT controls 4 Impact on business operations and managing risks 5 Measuring effectiveness of the system 5 5. Disaster Recovery and Business continuity plan 5 Organizational Security Control 5 Authorization security control 5 Operational Security control 5 6. Organizational and managerial risks in conducting IT audits and control activities The undergoing of IT audits ad control in the Enron Corporation is deployed with the numerous organizational and managerial risks.

IT Audits and Control Contents

   Added on 2021-06-14

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IT AUDITS ANDCONTROL
IT Audits and Control Contents_1
Contents1.Introduction...................................................................................................................................22.Organizational and managerial risks in conducting IT audits and control activities......................23.Audit Methodologies.....................................................................................................................2Design review Auditing.....................................................................................................................3Post implementation in the regulatory environment..........................................................................44.IT controls.....................................................................................................................................4Impact on business operations and managing risks............................................................................5Measuring effectiveness of the system..............................................................................................55.Disaster Recovery and Business continuity plan...........................................................................5Organizational Security Control........................................................................................................5Authorization security control...........................................................................................................5Operational Security control..............................................................................................................56.Requirements of IT Audits............................................................................................................6Relationship with financial Reporting system...................................................................................67.Emerging industrial trends in IT auditing and control...................................................................6Impact on business operation and decision making capabilities........................................................68.Responsibilities of an IT auditor....................................................................................................6Professional Responsibilities.............................................................................................................6Ethical Responsibilities.....................................................................................................................7Legal Responsibilities........................................................................................................................79.Conclusion.....................................................................................................................................710.References:................................................................................................................................7
IT Audits and Control Contents_2
1.IntroductionThe ENRON scandal was occurred in America due to the bankruptcy of Enron organization. Arthur and Andersen was two main guilty of this act. The ENRON scandal give rise to new policies structure to overcome the problem of fraud. The main cause of this scandal is the no clear auditing report for the stakeholders of the company. The unethical practices of the employees give rise to the modification and manipulation of balance sheet to hide the situation of Debt. The limitation of the accounting system is the major cause of this act. The manipulation in the balance sheet is effectively done because the accounting structure of the company depends on the market value. The IT audit committee was designed by the organization to develop internal audit reports and controls. 2.Organizational and managerial risks in conducting IT audits and control activitiesThe undergoing of IT audits ad control in the Enron Corporation is deployed with the numerous organizational and managerial risks. The major risks which is associated with the IT audit is the recognition of the revenue generated by the organization. The market trading iscomply with the variation in the market price. The trading of the company depends on the mark to market accounting principles for estimating future cash flow. The top executives should take active participation in defining the roles and responsibilities of the audit program.The risk management program should be designed for system security and recoverability program. The ISACA guidelines and programs should be used for managing IT audits to find out the organization and managerial risks associated with the enterprise. 3.Audit MethodologiesUnderstanding of the business plan: The internal auditing program was arranged for accessing the corporate operations for achieving the ENRON organization goal to resolve the future bankruptcy problem. The Service level agreement (SLA) should be designed on the basis of ISACA guidelines to get an clear idea about the problems in the financial management and support system organized for the enterprise.
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