QUESTIONS

1. What are the five components of the COSO IC-IF Model?

In the control environment component, it exercises integrity and ethical values, create organizational
structure, issue assignment of authority and responsibility.

2. Describe each of the components of the COSO IC-IF Model.

The control environment component of COSO IC-IF Model provides discipline and order. It drives
ethical actions within the company and helps to prevent unethical practices. Murdock (2016) stated
that ethics and quality care can never be separated (p. 103). If managers treat their employees ethically,
honestly, and fairly, it will boost the employee’s morale. Employee morale is strengthened by a healthy
and ethical community which helps increase productivity and performance of the employees. In terms
of customer and employee satisfaction, companies that set goals and encourage doing the right thing
appears to outperform other companies. In result of this, the organization can produce satisfied
employees and offers customer experiences of high quality which can help to the success of the
company.

Risk Assessment refers to how organization assess risks to identify different things or
circumstances that may threaten the achievement of their objectives. It involves risk assessment or the
process of identifying, assessing, and measuring risks of the organization, its programs, and processes.
The management should identify risks areas and implement controls to prevent or detect errors and
activities that may go wrong which will affect in achieving organization’s objectives. There are many risks
that an organization should consider to include in their risk assessment such as business and process
risks, technological and information technology risks, personnel risks, financial risks, environmental
risks, political risks, social risk, and many more.

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https://www.dummies.com/business/accounting/auditing/the-5-components-of-internal-controls/

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3. Explain the benefits of the COBIT Model in the IT and the general business context.

4. Describe the implications of Principle 11 of the COSO 2013 IC-IF Framework.

5. Explain the relevance of IT GCCs for business auditors.

6. List five ISO standards and explain their relevance to internal auditors.

7. Explain how ISO 9000—Quality Management and related standards can help internal auditors
improve business practices and strengthen the ftree Lines of Defense framework.

8. Explain how ISO 31000—Risk Management and related standards can help internal audi- tors
improve business practices and better identify and assess organizational risks.

9. What is ITIL and how can it help improve the practice of integrated auditing?

10. What are the five maturity levels in the CMMI Model?