Information Technology (IT) Risks in Emerging Business Environments

Author: Lynn Fountain

The world has changed, and Information Technology (IT) is no longer simply a back- office function. IT and its role in today’s business environment is an important component for the success of any organization. Although organizations are staffed with experienced personnel who are skilled in the technicalities of data systems, personnel computer systems and data access methods, it is important all personnel have a solid understanding of control procedures that comprise the complex nature of today’s digital world. This training will assist in understanding the many advancements of information technology and its uses in today’s business environment. These advancements and uses of information technology can relate to financial, operational or compliance reporting methods. We will discuss the critical tie to COSO 2013 and delve into understanding the variance between general controls and application controls. We will further evaluate the aspect of general controls and provide examples and usages for today’s business.

To begin to understand information technology risks in emerging business environments, it is important to be familiar with the COSO Framework and recognize the link to IT controls. It is also important to have knowledge of the COBIT information technology framework. Each framework provides insight for gaining a deeper understanding of what comprises IT controls.

Publication Date: July 2019

Designed For
Business owners and operational professionals, Accountants and Finance professionals, Internal auditors, Individuals entering information technology roles, and Board members and audit committee members.

Topics Covered

• Information Technology and Information Systems
• COBIT
• IT General Controls
• Application Controls
• COSO and IT
• IT Governance
• Emerging Trends in IT

Learning Objectives

• Describe information systems and differentiate between information technology
• Recognize and examine the COBIT framework for IT controls
• Differentiate Application Controls vs. General Controls
• Describe COSO's link to IT as it relates to the five components of COSO
• Recognize how to discuss IT governance processes
• Identify and evaluate the world of emerging IT risks
• Differentiate the five components of an information system
• Identify which controls the basic functions of a computer and typically comes preinstalled with the machine
• Describe which type of information system extends information retrieval capabilities of the end-users with query and analysis functions
• Identify one of the broad areas of cloud computing
• Describe integrity controls
• Identify benefits of cloud computing
• Identify a process which helps in discovering informational patterns with data

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Information Technology (1 hour), Auditing (1 hour)

Program Prerequisites
None

Advance Preparation
None