+1 862 207 3288 a review of some key audit and risk management concepts/a critical overview of auditing software – IDEA
Project description
SOFTWARE IDEA is required.
Part A: 1200 words
Part B: 800 words (credit will be given for practical demonstrations e.g. screenshots of various features of the package chosen. Critique of the selected packages – perhaps, including users observations, will be given credit.)
P.S. Software IDEA is Absolutely needed it for Part B
Part A – Control and Risk
The ‘COSO model’ sets out an exemplar ‘Control Framework’
Required:
• Briefly explain the purpose of the framework and give succinct overviews of the framework’s main features
• Give Specific examples of the application of the framework in a computerised environment.
Note your answer should include THREE examples of how the Framework could be applied in a computerised environment.
Part B – Critical overview of audit software
In recent weeks you have had hands on experience of auditing software IDEA.
Required:
• Give a critical overview of the main features of the software.
• Explain how the software could be employed by specified users.
Note your answer should refer to at least TWO users and be specific in how the user would employ the software.
http://www.miketwigg.com/CanWeWin.pdf
AF3S22 – Financial reporting in a computerised environment
PART A
Part A – Control and Risk
The “COSO model” sets out an exemplar “Control Framework”.
Required:
Briefly explain the purpose of the framework and give succinct overviews of the framework’s main features.
Give Specific examples of the application of the framework in a computerised environment.
Note your answer should include THREE examples of how the Framework could be applied in a computerised environment.
The “COSO model” sets out an exemplar “Control Framework”.
Required:
Briefly explain the purpose of the framework and give succinct overviews of the framework’s main features.
The COSO internal control framework consists of five interrelated components derived from the way management runs a business.
According to COSO, these components provide an effective framework for describing and analyzing the internal control system implemented in an organization as required by financial regulations.
COSO Framework
Control Environment – Tone at top Ethics & Culture of the organisation
Risk Assessment – Every entity faces a variety of risks that must be assessed. E.g. set objectives, consider internal & external risks, distinguish between controllable & uncontrollable risks.
Control Activities – Policies and procedures to ensure controls are carried out at all levels of the organisation.
Information & communication – Communicate correct information to correct people so they can carry out responsibilities.
Monitoring – Control system must be monitored normally by internal audit.
Give Specific examples of the application of the framework in a computerised environment.
Note your answer should include THREE examples of how the Framework could be applied in a computerised environment.
Risk Identification –> Control Activities part. I’d want the students to identify 3 risks and then several Activities e.g.
Risk 1 Incorrect data input
Control activities: Checks over input; control totals; staff recruitment data training; inbuilt “reasonableness checks” etc etc.
Risk 2 Computer crash
Control activities : regular back ups; “auto -save ” functions; offsite backups; parallel systems; regular system maintenance; inbuilt application safeguards etc.
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