Describe the internal controls that are put in place to specifically protect computer data

look at the files before writing this Adding to your memo from Milestone One, document your understanding of the relationship between audit risk, audit evidence, and financial statement assertions

look at the files before writing this

Adding to your memo from Milestone One, document your understanding of the relationship between audit risk, audit evidence, and financial statement assertions as it specifically relates to this company and industry.

Describe the audit data or evidence your team will review. Why is this proof important? [

What if a significant portion of the data is overseas and beyond the auditors’ jurisdiction or audit universe? Analyze how the audit team will

compensate for that risk. What governing rules and regulations must be taken into consideration?

Describe analytical procedures you will use to determine the sampling program. How will your internal control evaluation affect this step? Be


List and then describe the types of audit evidence you will request from the company.

Describe any considerations your team will make in auditing subjective areas, including any governing rules and regulations that were factored

into the auditing decisions. [

Describe the factors you took into consideration when planning the nature and extent of the audit documentation. [

Describe how responsibility for IT (computers, software, internet usage, databases) risk coverage for companies in the IT industry is defined. Is it

adequate? Describe how that definition addresses or fails to address current and future risks related to social media.

Describe the internal controls that are put in place to specifically protect computer data and proprietary information. How well do these

controls operate within the IT industry?

Where do current and future vulnerabilities exist for IT, and what must be done to manage these gaps? [

I am giving you more clear instruction on area you need to write !!!!: 

this paper need to be 3 pages and reference !!!

make sure you cover after looking at the “Final Project Scenario” and touching these areas:

·       Talk about evidence and what kind and why it’s important

Supporting claims in financial statements

what type of evidence you will use when come to account receivable?

fixed asset —no cash!

·      Audit universe (document that details all the audit activities to be carried out by the internal audit function)

Talk about entities such as:  Intangibles, account payable account receivable fixed asset payroll

Revenue that comes from software and computer


·      and what u do if entities come from outside USA

consolidate to US cup

. out of sea revenue!

this is not cash specific

·       we need to talk about analectic procedure, that is key audit technique such as

sampling risk, analectic software helps not being bias ext.

·      type of evidence, what is the evidence that is different that the first part

this is related to:


account reconciliation


bank reconciliation

AR receivable

Inquiry and observation or audit techniques

Read only access as auditor

Watching inventory count

You can rely on verbal statements, but you needed to have document when it comes to Inquiry.

External confirmation with AC /AP

·      Subjective areas:

Estimate and reserve

Management estimate with reserving account receivable methodology you need as auditor

need to audit against that methodology

(if receivable 90 days outstanding its need to be fully reserve, when they write off the receivable)

Good will, intangibles this is areas that Management can have decisions on and by that play around with the books.

Show led expenses and reduced bed debt reserve.

·      Documentation

Actual support your issue as auditor

·      IT have 4 parts that need to be different

1.     Risk of IT such as: Network access, IT GC, backup recovery, change management

2.     What is the general risk of control that any organization want to put with IT.?

3.     Protecting data such access controls and encryption.

4.     vulnerabilities what is that (fishing, cybercrime, virous software, etc.)

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