Auditing assignment

1. [40 points]In class we spent some time discussing the risk assessment process.

You are a new audit manager assigned to a manufacturing client.  As you consider the risk assessment process, describe the following:

1. What approach would you take in building an audit universe at your client? How would you do this and what steps would you take?
2. How would you perform the risk assessment process to build your audit plan?

2. [30 points]Ethics and the IT Auditor | Emily Mathews, an IT audit senior for a global insurance company, was recently asked to perform an IT audit of the company’s new cloud computing and virtualization migration plan. Her manager asks that she perform the audit in the next four weeks.  She is not familiar with these new technologies, and is worried about being able to complete the requirements of this audit.  What are the ethical considerations and professional standards Jill should consider?  How would you approach this situation?

3. [30 points]Frameworks play an important role in both Financial and IT Auditing. Explain how frameworks help both financial and IT Auditors.  Describe two common frameworks used by IT Auditors and their components.  Which pieces or elements of the framework do you find most critical?