Assignment Sample on Audit & Security Coursework
1. Logbook task A
Organizational assets are subjected to regulatory inspections and according to a CEO, it is the least important factor for an auditor. The management of an organization is responsible for managing the assets that are subjected to regulatory inspections (Busuioc and Rimkutė, 2020). The establishment of sound and simple accounting policies in order to maintain internal control is essential. The CEO along with the officials involved in assets are responsible for maintaining ethical ways of business processes (Li et al. 2017). Auditors take interest in the mismanagement of financial ethical statements of organizations and put an impact on the essential processes involved in the auditing process. Understanding an organization and its environment is very essential as there are internal conflicts that lead to inspection (Hou et al. 2018).
Knowledge of internal control of assets and financial reports is needed for effective management of the risks involved in a regulatory inspection. Strategies of an organization are essential and they can be identified by analyzing the risks involved (Hou et al. 2018). The financial performance of an organization is very essential and it needs to be analyzed for regulatory inspection. This is a huge reason that indicates that organizational assets are an important source for an IT Auditor (Busuioc and Rimkutė, 2020). Sources that are involved in funding are needed to be identified along with investment actions involving the capital outlook of an organization. Contracts of the employees involved in the business process of an organization and executive officers are analyzed for identifying material misstatement (Li et al. 2017).
Risk management methods and procedures are applied for identifying the risks of assets of an organization. Simple policies of accounting help in a regulatory inspection of the organizational assets (Hou et al. 2018). Regulatory needs and requirements may include an increase in legal and ethical exposure of finances and the assets of an organization. The assets of an organization make it easy for making critical decisions that are effective for companies’ performance (Li et al. 2017). Conducting audits are done in order to gain accuracy in the performance of organizations and produce a financial statement (Busuioc and Rimkutė, 2020). Accuracy in audits provides help in managing the effective processes of organizations involved in the auditing process.
Resource management minimization is essential and organizational assets are important for this reason. Audits are essential for identifying the culture of an organization and its performance and helps in the management of certain internal factors (Busuioc and Rimkutė, 2020). Risk management is an essential internal factor for mitigating and taking control over risks that affects the regulatory inspection of organizational assets (Li et al. 2017). Effectiveness in operation is the essential internal factor for managing the processes involved in organizational assets regulatory inspection. Auditors in an IT organization look into data security and help the ineffective management of data from threats (Hou et al. 2018). Availability of efficient organizational assets is essential for the effective functioning of regulatory inspections. Thus it can be said that organizational assets are subjected to regulatory inspections and it is the least important factor for an auditor (Li et al. 2017).
2. Logbook task B
An auditor is responsible for involving various types of audit evidence and it is dependent on the organizational type. Organizations that need audit scope involve an auditor for performing audit evidence depending on the types of organizations involved (Rumbold et al. 2018). There are various types of audit evidence and the first one is finance statements that provide financial details about an organization. Information about bank accounts and transactions is the second evidence in audits that involve essential banned.
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