Question

management info sys

1. Various authorities have created differing taxonomies to distinguish the various types of IT audits. You have been invited by your organization's New Initiatives and IT Projects team to explain the following terminologies and how they are used to them. a. Technological innovation process audit. (5 marks) b. Innovative comparison audit (5 marks). c. Technological position audit (5 marks) d. Systems and Applications audit (5 marks)

Answer 1

An IT audit or information technology audit is an examination of the working of the information technology infrastructure. This seeks to find out if there is proper working in the IT sector and if proper control is being maintained. These audits can be undertaken independently or in association with other forms of company audit such as financial audit, inventory audit, etc. IT audit was formerly called EDP or Electronic Data Processing audit. The main purpose of an IT audit is to find out if the information system is working efficiently. It tries to find out if the information system is safeguarding assets, and working towards the overall development of the organization.

a. Technological innovation process audit:

• In this case, the auditor tries to find out the risk profile of its new and existing projects by assessing the experience of the company in its chosen field, the industry, and the market.
• It accesses if the company is innovating enough in the field that a particular project is bound to. It accesses the experience of the workers to work in that innovation field and try to maximize the innovation so that company can compete with the competitors.

b. Innovative comparison audit:

• In this, the auditor tries to compare the innovation of a company with its competitor to determine if how much the company is innovating as compared to other companies.
• If the company is lacking in innovation then its weak point is determined and try to increase the innovation
• This requires examination of the company's research and development facilities, as well as its track record in actually producing new products.

c. Technological position audit:

• Technological position audit deals with reviewing the technologies needed by the business. It also classifies them into one of the four categories of the base, key, pacing, and emerging.
• It determines if the company is in position to work on particular technologies and have enough resources and workers for that. It determines which resources the company needs to compete with other companies.

d. Systems and Applications Audit:

• An audit to verify that systems and applications are appropriate, are efficient and are adequately controlled to ensure valid, reliable, timely, and secure input, processing, and output at all levels of a system's activity.
• System and process assurance audits form a subtype, focussing on business process-centric business IT systems. Such audits have the objective to assist financial auditors
• It tells if the companies system is enough to fulfil its need and if they are not enough then company can make changes and upgrade its systems according to need.

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