AUD370 Edp Auditing UITM Assignment Sample Malaysia
AUD370 Edp Auditing course is an invaluable exploration of the field of auditing for those with a passion for accounting, data analytics, and information technology. This course is ideal for the student who desires to gain a comprehensive understanding of the impact audit processes have on Electronic Data Processing (EDP) systems.
From basic principles to advanced strategies, this class will prepare you to participate in complex audits with added confidence. By leveraging world-class content and guest speakers from Ernst & Young, you’ll be well on your way to becoming an EDP audit guru!
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Here, we go over some task requirements. These encompass:
Assignment Task 1: Understand what Information Technology Audit is.
An information Technology Audit (IT Audit) is an evaluation of the management, organization, and operations of an organization’s IT infrastructure. It can be conducted internally, by members within the organization or externally, by external sources such as audit firms. An IT audit assesses whether and to what extent the information technology infrastructure complies with governing standards and regulations.
Generally, it involves examining a company’s hardware and software assets, evaluating their performance and making sure they are adequately secured from threats and unauthorized access. Additionally, it also ensures that an organization’s computer systems support its mission objectives and align with internal control protocol set by enterprise policies. Implementing a comprehensive IT audit program can help maintain secure systems for efficient business performance.
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Assignment Task 2: Understand the control and audit issues related to both the centralized and distributed data processing to structuring IT functions.
Monitoring data processing is vital to ensuring that IT functions are structured properly. The control and audit of both centralized and distributed data processing provide a clear picture of the status of the system, allowing for the implementation of adjustments and improvements where necessary. Understanding the protocols associated with these two forms of data management is therefore essential to running an effective IT system.
Regular inspections and attestation activities can identify gaps in security protocols or performance while establishing procedures to ensure consistent compliance with standards increases trustworthiness over time. Thorough control and audit processes also have an invaluable role to play in dealing with compliance issues and promoting consistent quality assurance throughout the organization.
Assignment Task 3: Understand the operational features and risks associated with EDI and Internet commerce.
Electronic Data Interchange (EDI) and Internet commerce have revolutionized the way in which business operations are conducted. EDI enables companies to transact with each other without human intervention, saving significant time and resources. However, there are a variety of associated risks to consider when using these technologies, including reliance on third-party systems for secure document delivery, the potential for data resale by intermediaries, privilege abuse hacking or rejection of transactions from partners.
Companies utilizing EDI and internet commerce should take great care to research third parties thoroughly, understand the risk implications in contracts and agreements put in place between them and their partners, as well as invest in technology such as malware detection software or secure internet gateways that can help mitigate the exposure of confidential information. Additionally, having clear processes in place that can detect abnormal behaviors is essential towards improving operational security when dealing with electronic data interchange and internet transactions.
Assignment Task 4: Understand the general functionality and key elements of the ERP system.
Enterprise Resource Planning (ERP) systems are an invaluable asset to businesses, helping them build and maintain efficient processes. At its core, ERP provides an integrated view of data while automating and streamlining operations across departments like finance, inventory, and human resources. The system’s architecture allows it to be quickly configured without losing stability; this makes it easily customizable depending on the organization’s need or business change.
One of the key components of a successful implementation is strong integration with existing systems. This kind of technology makes it easier for organizations to access real-time data, leading to more informed decisions. Moreover, its predictive analytics provide insights that can help organizations recognize opportunities for growth and mitigate risks.
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Assignment Task 5: Explain the role of CAATTs in audit work and types of CAATTs.
Computer Assisted Audit Techniques (CAATTs) are powerful tools used by auditors to achieve greater efficiency and accuracy in their work. CAATTs greatly reduce manual assessment time – they allow the auditor to scan vast amounts of data quickly and accurately, and can highlight discrepancies in areas such as billing or inventory systems.
Furthermore, CAATTs are capable of completing some tasks autonomously, freeing up the auditor’s time to focus on other areas. When it comes to types of CAATTs, common examples include Generalised Audit Software (GAS), which reviews every area within a computerized general ledger; Data Mining Software (DMS), which uses sophisticated algorithms and statistics to detect anomalies in data sets; and Integrated Test Facility (ITF), which automates the testing of application controls over a selected population. Altogether, CAATTs are an invaluable asset for any audit team due to their ability to increase audit speed and precision.
Assignment Task 6: Apply the use of Generalised Audit Software- Audit command language(ACL).
Audit Command Language (ACL) is a powerful and user-friendly tool designed to automate the auditing process. It can be used for any organization, from small companies to large multinationals, allowing them to gain insight into their financial data quickly, reliably and cost-effectively. ACL offers an array of features such as analysis of trends over different time periods, automatic filtering and sorting of data, as well as detailed documentation of audit results. With advanced analytics capabilities and the ability to search for fraudulent activities or anomalies in transactions, it allows auditors to improve the efficiency and accuracy of their work significantly.
Additionally, ACL enables auditors to hone in on specific transactions or entities with ease and helps them achieve better compliance with various regulatory requirements related to financial management. For organizations looking for an effective way to manage their audit process, ACL is an excellent choice.
Assignment Task 7: Understand how to audit expenditure and revenue cycle.
Properly auditing your organization’s expenditure and revenue cycle can be a crucial part of your financial health. Auditing this area of your business operations helps identify any potential irregularities that may be hiding in the data, as well as provides a more accurate insight into income and expenditures over the course of the year. To audit expenditure and revenue cycle correctly, you must have a clear understanding of the internal controls established in these areas, and access to records, reports, operational documents and accounts. In addition, relying on analytical procedures can be an effective way to improve accuracy by detecting extreme or unusual items. Regular auditing is essential for good financial management practices and should not be neglected.
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