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

ANSWER:
-Control Environment
-Risk Assessment
-Control Activities
-Information and Communication
-Monitoring Activities

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

3. Explain the benefits of the COBIT Model in the IT and the general business context.
The COBIT Framework addresses more than technical subjects, but also includes
critical managerial and accounting/financial activities such as:
- Establishing IT direction
- Project management
- Purchases
- Training end users

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 Three Lines of Defense
framework.
8. Explain how ISO 31000—Risk Management and related standards can help internal
auditors 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?
Level 1—Initial: Unpredictable, undocumented, and poorly controlled, typically ad hoc,
in a state of constant change with the reactive handling of activities and events
Level 2—Repeatable: The process is understood sufficiently so that repeating the
same steps may be attempted by workers. Activities are consistent and there may be
consistent results
Level 3—Defined: Process is sufficiently defined and confirmed through documentation
so that it is the standard business process
Level 4—Managed: Processes are measured and controlled quantitatively based on
agreed upon metrics. Management is typically able to control the process by adjusting
and adapting the process based on the established metrics.
Level 5—Optimized: The focus is on process improvement and the pursuit of best
practices. The process is in a state of continuous performance improvement involving
incremental and innovative process and technological changes