Course Description
Assessing the reliability of computer generated data is an important step in audit planning as well as addressing specific audit objectives.
Data is aggregated from various sources, processed using automated rule sets, and stored in databases, data warehouses, etc. Applications and business users extract or retrieve data as the basis for strategic decisions, reporting, day-to-day operations, and auditing. The reliability of data may be at significant risk when placed in operational and IT environments lacking processing, transmission, storage or security controls. Misinterpretation of reliability risk factors may result in misdirected audit effort or incorrect conclusions.
This training session will provide you with the concepts and tools to effectively evaluate the reliability of data processed and available for analysis and decision making.
We will focus on:
- How reliability assessment of data from IT systems should be conducted during audit planning when developing audit objectives and audit procedures.
- Key factors to be reviewed during audit planning to assist the auditor in evaluating the sufficiency, reliability and relevance of data to be used as audit evidence.
- Steps to perform when obtaining evidence during the audit regarding data accuracy, completeness and validity.
- Data reliability issues relating to organization, appropriateness of controls, risk, and testing.
Learning Objectives
- Understanding the requirements of data relevance and data reliability
- Evaluating data classification
- How to introduce good practices for data management
- Identifying data integrity requirements
- Assessing security and availability requirements
- Evaluating factors that impact data reliability
- Assessing risk with respect to data reliability
- Determining the impact of data reliability assessment on developing audit objectives
- Establishing audit evidence requirements
- Using data reliability assessment in developing audit procedures
Course Outline
Data Value
- What is data value
- Defining data usefulness
Defining Data Reliability
- Relevance
- Reliance
- Integrity
- Audit and Control Considerations
Operational Requirements for Data Reliability
- Business process requirements
- Legal and compliance requirements
Data Management
- Information architecture
- Data classification
- Distinguishing between controls “in place” and “in effect” for reliability
- Data management definition, ownership and custodianship
Auditing Data Reliability
- Audit objectives
- Audit evidence
- Defining audit evidence
- Evaluating sufficiency of audit evidence
- Evaluating internal controls
- Designing audit procedures
Good Practices for Data Management
- Database management
- Database administration
- Change management
- Data security
- Access control
- Identity management
- Security management and planning
- User accounts
- Incident management
- Outsourcing
- Business Continuity
Impact of Internal Control on Data Reliability
- Control responsibilities
- Factors that impact control
- Technology and controls
- Risk and data reliability
- Reasonable assurance
- Audit framework
- Linking controls to objectives
- “Closing the Loop” audit framework
- Control classification
Developing Audit Objectives for Data Reliability
- Establishing audit objectives
- Developing criteria
Assessing Reliability of Data
- Key focus of the assessment
- Examples of assessments
- The assessment cycle during the audit
Additional Information
Who Should Attend
- Internal Auditors (Operational and IT)
- Financial Auditors
- Internal Control Professionals
Learning Level
Intermediate
Delivery
Group-Live or Group-Internet Based
Field
Auditing
Advanced Preparation
None
Recommended Prerequisites
General understanding of IT processes and business and accounting applications.
Session Duration
On Site: 2 days
CPE Credits: 16