Practice Quiz

Question

This is the audit procedure set by Company A's IS auditor.

As a practice, would you look into the audit procedure, summarizing what Prof. Dias discussed regarding the audit procedure (Video 2.3), and comment what aspects are missing from the audit procedure?

You will receive the feedback upon submitting your answer.

The audit procedure by Company A’s IS auditor:

• Created an audit plan and schedule

• Elaborated on plan's details

• Preliminary review

• On-site evaluation of the area

• Conducted the company's risk analysis

• Verified it with extensive substantive tests

• Cross-checked by comprehensive compliance tests

Solution

• Must collect information about the company and the industry first

• Compliance tests do not validate substantive tests

• Missing verification of existing control appropriateness

• Missing audit report writing and presentation