Session 8 Monday, March 2, 2015 ACL Assignments due at – beginning of class Data Management Risks and Controls, Financial Reporting Systems, (Both Navigation and Batch vs. Online/Real-time, XBRL Analysis) Learning objectives: State the impact of file organization structure on internal controls, Practice Questions: general controls, and on backup processes Audit Text: Relate backup processes to the type of file structure 12-19, Beds and Spreads, Provide audit procedures for the audit of data quality Inc., p. 405 Provide audit procedures for the audit of backup procedures Trace transaction audit trails for different types of data structures IT Audit Text: Chapter 6, (manual, batch, real-time) and provide audit procedures to test Pr. 23, XBRL (b,c), p. 288 the quality of audit trail Describe risks in financial reporting systems, match with controls to mitigate the risks, provide control testing to test the controls, and provide substantive tests required by CASs Same as (6) for XBRL : IT Audit Text: Chapter 4 (skip network model on p. 146] IT Audit Text: Chapter 6 (p. 223-236 (skip documentation techniques), p. 251-258 (skip data coding schema), 264 end) – Session 9 Monday, March 9, 2015 – Practice Questions: Sales and Accounts Receivable Audit, Batch vs. Real-Time for Sales Audit Text: Learning objectives: 9-24, Restaurant controls, Assess risks in the revenues, receivables, receipts (RRR) cycle p. 308 Provide recommendations for improvement to address control weaknesses in the RRR cycle 12-19, Beds and Spreads, State the purpose of, describe, and provide expected results for Inc., p. 405 CAATs for sales, accounts receivable and cash receipts Assess audit strategy and select audit procedures for the RRR 14-22, YourTeam.com, p. cycle in response to assessed risks (manual or automated) 490 Readings: IT Audit Text: Chapter 9
Session 8 – Monday, March 2, 2015 Data Management Risks and Controls, Financial Reporting Systems, Batch vs. Online/Real-time, XBRL Learning objectives: State the impact of file organization structure on internal controls, general controls, and on backup processes Relate backup processes to the type of file structure Provide audit procedures for the audit of data quality Provide audit procedures for the audit of backup procedures Trace transaction audit trails for different types of data structures (manual, batch, real-time) and provide audit procedures to test the quality of audit trail Describe risks in financial reporting systems, match with controls to mitigate the risks, provide control testing to test the controls, and provide substantive tests required by CASs Same as (6) for XBRL : IT Audit Text: Chapter 4 (skip network model on p. 146] IT Audit Text: Chapter 6 (p. 223-236 (skip documentation techniques), p. 251-258 (skip data coding schema), 264 – end) ACL Assignments due at beginning of class (Both Navigation and Analysis) Practice Questions: Audit Text: 12-19, Beds and Spreads, Inc., p. 405 IT Audit Text: Chapter 6, Pr. 23, XBRL (b,c), p. 288 Session 9 – Monday, March 9, 2015 Sales and Accounts Receivable Audit, Batch vs. Real-Time for Sales Learning objectives: Assess risks in the revenues, receivables, receipts (RRR) cycle Provide recommendations for improvement to address control weaknesses in the RRR cycle State the purpose of, describe, and provide expected results for CAATs for sales, accounts receivable and cash receipts Assess audit strategy and select audit procedures for the RRR cycle in response to assessed risks (manual or automated) Readings: IT Audit Text: Chapter 9 Practice Questions: Audit Text: 9-24, Restaurant controls, p. 308 12-19, Beds and Spreads, Inc., p. 405 14-22, YourTeam.com, p. 490