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Hillary Professional Services is a medium-sized firm on a retreat having successfully combined business operations to take advantage of mandatory audit rotation guidelines. At the retreat, it was agreed that a robust software to reduce paperwork was inevitable. All along, one of the combined firms has an Information Technology (IT) Unit which has been strengthened with state-of-the-art equipment.
All auditors are now encouraged to show more interest in information technology, especially in areas relating to data analytics, artificial intelligence, and machine learning. Undoubtedly, understanding the business information system used by management is necessary as they affect risk assessment involved in the financial reporting process. It was also concluded that obtaining an understanding of the field of information technology is a standard audit procedure to be followed; otherwise, it will be difficult to evaluate the adequacy of the expert’s work as recommended by International Standards on Auditing. The purpose of the merger will be defeated if the firm will not be able to win jobs and perform well in a highly competitive market. The after-effect of the COVID-19 pandemic has also revealed that one could work with flexibility anywhere if there is a robust audit software in place.
The IT Audit Partner made a presentation on “COBIT (Control Objectives for Information and Related Technologies) – a globally accepted suite of tools that a client might use in order to ensure IT is working effectively.” He stated that COBIT is all about doing the right things the right way in order to deliver benefits to the client.
You are a staff of Hillary Professional Services. Based on the presentation made on COBIT at the retreat, you have been divided into groups and the groups are to debrief the main group after one hour.
Required:
a. State the purposes of COBIT (Control Objectives for Information and Related Technologies).
(3 Marks)
b. Identify and explain the specific components of COBIT.
(8 Marks)
c. Explain how COBIT will be applied in the business process.
(4 Marks)
Total: 15 Marks
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Aladdin Insurance Nigeria Limited is a private company that provides life and non-life insurance services. The company has annual gross premium of N15 billion.
Ordinarily, the underwriting process is manual and is initiated when a customer
walks into a branch and fills a proposal form requesting for an insurance policy (or
an agent fills in the form at the request of the customer). The proposal form
requires information relating to the subject matter of the insurance policy/cover
required by the customer as this will aid the company in assessing the risks
attached and will also help the underwriter to quote a reasonable premium
amount. The prospective insured must disclose all material and relevant
information. The policy proposal form requires important information, such as:
• The name and address of the customer;
• Occupation of the customer;
• Details of the property being proposed for insurance. This could be vehicle
details (for motor insurance) property (for burglary or fire) or other details
relating to life insurance, etc;
• Value of the property being proposed for insurance; and
• Previous insurance history of the client.
The underwriter reviews the information in the proposal form and assesses the risks
inherent in the contract with a view to making a recommendation as to whether to
accept or reject the proposal; if the recommendation is to accept, how much
premium should be charged. For external and complex risks, external inspectors are
engaged. After inspection, the report is sent to the underwriter to review and
consider if any risk recommendations should be made to the customer (usually on
how to properly manage risks) or if an amendment to the policy wordings is
required. The proposal form and the recommendation of the underwriter is passed
on to an approving authority based on the approval limits.
On approval of the policy, the policy terms are communicated to the customer for
review and acceptance. On acceptance, the customer signs the proposal form and pays the premium. Payment method includes cash, cheques, bank transfers. The
details of the policy are recorded in the system by the underwriters who also act as
the accountants. Based on NAICOM‟s requirements, premium should be paid before
the insurance cover starts.
However, due to the COVID 19 pandemic, the Federal Government announced a
lock down of Lagos, thereby imposing a restriction on movement of goods and
persons in the state. In response to this, the company bought a new underwriting
system and automated its entire underwriting process.
Required:
a. List FIVE control areas for General Information Technology (IT) Controls and examples of controls that can be found in each area.
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ABC Limited, a medium-sized family-owned company in Lagos, is considering upgrading its computer systems to better support management decision-making and meet market demands. The directors plan to appoint a temporary Project Manager to lead the systems development project.
a) Identify and describe the responsibilities of the Project Manager within ABC Limited. (10 Marks)
b) Discuss the skills that a Project Manager would require to successfully implement a major project involving the design and installation of the new computer system within ABC Limited. (10 Marks)
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a. In a computer environment, it is a common occurrence that data is lost, manipulated, or tampered with by unauthorized individuals for selfish reasons.
Required:
Enumerate FOUR areas where computers are used as instruments of crime and FOUR areas as targets of crime. (8 Marks)
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a. “A well-designed Accounting Information System normally adds VALUES to an organization.”
Required:
i. Enumerate FOUR of these values. (4 Marks)
ii. State FIVE uses of Accounting Information System and explain each briefly. (10 Marks)
(Total 14 Marks)
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Find Related Questions by Tags, levels, etc.
Which of the following is NOT a means by which information can improve decision making?
A. Increasing information overload
B. Reducing uncertainty
C. Providing feedback about the effectiveness of prior decisions
D. Identifying situations requiring management action
E. Improving the timing of information
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Information within an organisation can be analysed into the following three levels:
Required:
Give detailed characteristics of each type of the above information.
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Which of the following is NOT true about data?
A. Consist of unprocessed facts
B. Collected and processed to produce information
C. Has no meaning until processed into information
D. Raw facts about entities
E. Relevant to a particular purpose
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Which of the following is NOT an Information System Control objective?
A. Ensuring consistent system functionality
B. Safeguarding system assets
C. Maintaining system economy and efficiency
D. Promoting technology usage
E. Preventing system facilities from hackers
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An Information System Auditor should be involved in:
A. Observing tests of the disaster recovery plan
B. Assessing disaster recovery plan
C. Developing disaster recovery plan
D. Maintaining disaster recovery plan
E. Reviewing disaster recovery requirement of supplier contracts
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Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Which of the following is an example of information system assessment software tools?
A. Information security tool
B. Microsoft security assessment tool
C. Information system security tool
D. Microsoft information security tool
E. Information assessment tool
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Find Related Questions by Tags, levels, etc.
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