Mini Quiz: IT Audit Process

Which of the following best describes an audit universe?

• A theoretical framework for IT audits

• A record of past audits conducted in an organization

• An inventory of all potential audit areas within an organization

• A standardized IT security checklist

COBIT is primarily used for which of the following purposes?

• Managing IT budgets

• Developing software applications

• Establishing internationally accepted IT control objectives

• Encrypting financial transactions

What is one of the key principles of COBIT 5?

• IT governance should focus exclusively on financial applications

• IT should be governed separately from business operations

• IT governance and management should be holistic and cover the entire organization

• Only large corporations need to implement COBIT

Why is a risk assessment critical in an IT audit?

• It ensures all financial statements comply with tax regulations

• It identifies and prioritizes risks to allocate audit resources effectively

• It replaces the need for substantive testing in IT audits

• It ensures IT policies are aligned with human resource strategies

According to NIST, what is the first step in conducting an IT risk assessment?

• Assigning probability levels to threats

• Identifying and characterizing assets

• Computing risk ratings

• Developing an audit schedule

What is the primary goal of an audit plan?

• To ensure internal control weaknesses are publicly disclosed

• To optimize the use of audit resources and align with organizational goals

• To eliminate the need for financial statement audits

• To document every IT-related transaction in an organization

Which of the following methods can be used to identify IT risks in financial applications?

• Reviewing flowcharts of operations

• Conducting interviews with non-financial staff

• Evaluating marketing performance

• Benchmarking against non-IT industries

What is the primary function of an IT audit in financial statement audits?

• To ensure regulatory compliance for all employees

• To confirm that IT controls support the integrity of financial information

• To prevent IT expenditures from exceeding budget limits

• To develop new financial reporting applications

Substantive testing in an IT audit involves which of the following?

• Verifying that controls exist and operate effectively

• Ensuring that transactions comply with tax regulations

• Examining and supporting financial statement balances

• Evaluating employee performance in IT security compliance

During an IT audit, what is the purpose of corroborating interviews?

• To obtain consistent and reliable audit evidence

• To document employee opinions on IT policies

• To evaluate staff performance in IT roles

• To justify budget increases for IT projects