Auditing in CIS Environment - Module 10 Activity

It depends on the size of the item or error judged in the particular circumstances of its omission or misstatement.

In this phase, wrapping-up procedures are performed; conclusions reached are reviewed, and an overall opinion is formed. 

This pertains to characteristics of events or conditions that affect susceptibility to misstatement, whether due to fraud or error, of an assertion about a class of transactions, account balance or disclosure, before consideration of controls.

This is a matter of professional judgement unless the risks is of a type to be specified to be treated as significant risk in accordance with the requirement of another PSA.

It is an individual or organization possessing expertise in a field other than accounting or auditing.

It is when an audit is carried out entirely by an audit engagement partner, who may be a sole practitioner, it may be desirable to consult with other suitably-experienced auditors or the auditor's professional body. 

It creates the tone at the top by influencing the control consciousness of its people and provides the overall foundation for the operation of the other components of the entity’s system of internal control.

It is the process of assessing the quality of internal control performance overtime. It involves assessing the design and operations of controls on a timely basis and taking necessary corrective actions.

It is one of the major subsystems of AIS that provide information that assists in decision-making such as custom reports tailored to the specific needs of management. 

It is characterized by incomplete decision-making rules and the need for subjective assessments and judgments to supplement formal data analysis.

Computer software consists of sets of instructions (programs) that direct, control and coordinate the operation of the hardware components.

Magnetic disk is a primary medium for backing up random-access disk files and considered to be the cheapest type of storage available.

Expert system is a computer system that applies reasoning methods to data in a specific relatively structured area to render advice or recommendations.

In the reporting standard - 1402.1 Monitoring responsibility, importance of ensuring findings are supported by sufficient and appropriate audit evidence.

IT governance controls relate to decision rights and accountability for encouraging a more desirable behavior in the use of information technology.