Inherent risk can also be defined as error occuring without compensating controls.
Sampling risk is the wrong assumption made with regards to a population being sampled for.
A risk-based approach in auditing involves understanding of the business processes of the company audited, this is because business risks will affect the long-term viability of the business.
Before using integrated test facility (ITF) we need to isolate test data from production data because it involves testing of test data on live programs
Related Tags: IT audit, CISA, CISM, IT governance, IT Compliance
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