BSA/505 Assignment: Risk-Based Audit Strategies for Gail Industries

This report presents a risk-based audit strategy for Gail Industries, addressing key risks within the organization. The audit plan focuses on identifying and mitigating risks such as uncontrolled access to data centers and facilities, environmental safeguard issues, unauthorized changes in management, network infrastructure vulnerabilities, unauthorized payment processes, insecure data transmission, and unprocessed deposits. For each risk, the report outlines specific audit strategies, including two-factor authentication, door badge access systems, halon-free fire suppression systems, detailed testing, information security policies, physical access privileges, email encryption, and supply schedules. References to relevant academic research are included to support the proposed strategies, providing a comprehensive approach to auditing Gail Industries. The audit plan follows the BSA/505 requirements and the NIST 800-53 standards.

Running head: REPORT 0
AUDITING PROCESS
JUNE 28, 2019
STUDENT DETAILS:

REPORT 1
Risk-based audit strategies for Gail industry
Following are Risk-based audit strategies for Gail industry-
1. Risk- Uncontrolled access to datacentre
Audit Strategy- Two-factor authentication, as biometric credential by retinal eye scanner and
badge access card will be useful to identify the user. It states the long-lasting concern to be
able to prove recognition of person (Berger, Trivedi & Parmar, 2018).
2. Risk- Uncontrolled access to facility
Audit strategy- the Door badge access system can be used to get entry to the field having
automated access control entry point. It will be helpful to prevent unauthorized access to
facilities.
3. Risk- Risk of environmental safeguard
Audit Strategy- The halon-free fire suppression system and smoke detectors are effective
systems to establish environmental control. It will be helpful in real-time reviewing (Axelsen,
Green & Ridley, 2017).
4. Risk- Unauthorized change in management
Audit Strategy- the detailed testing is helpful in keeping control over the changed
management.
5. Risk- Unauthorized access to network infrastructure
Audit Strategy- information security policy is useful to make the information security. It will
prevent the misuse of data. The detail testing strategy is useful to secure the image of
corporation regarding ethical accountabilities.

REPORT 2
6. Risk- Unauthorized payment process
Audit Strategy- Physical access privilege of data entry team will ensure the documentation
of payment.
7. Risk- Unsecure data transmission
Audit Strategy- E-mail encryption will be best audit strategy to secure the data transmission.
The E-mail encryption render the capability to provide personal information like e-mail
attachment.
8. Risk- Unprocessed deposits
Audit Strategy- The supply schedule is best audit strategy to process deposit. With the help
of this strategy, the deposit can be processed timely and accurately.

REPORT 3
References
Axelsen, M., Green, P. & Ridley, G. (2017). Explaining the information systems auditor role
in the public sector financial audit. International Journal of Accounting Information
Systems, 24, 15-31.
Berger, T., Trivedi, P., & Parmar, S. (2018). Risk information practices in annual reports: An
Indo-German collaborative comparison. MUDRA: Journal of Finance and
Accounting, 5(1), 1-17.