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Complete Guide to the CITP Body of Knowledge

ISBN: 978-0-87051-952-9
256 pages
May 2017
Complete Guide to the CITP Body of Knowledge (0870519522) cover image

Description

Looking for tools to help you prepare for the CITP Exam?

The CITP self-study guide consists of an in-depth and comprehensive review of the fundamental dimensions of the CITP body of knowledge. This guide features various and updated concepts applicable to all accounting professionals who leverage Information Technology to effectively manage financial information. There are five dimensions covered in the guide:

  • Dimension I Risk Assessment
  • Dimension 2 Fraud Considerations
  • Dimension 3 Internal Controls & Information Technology General Controls
  • Dimension 4 Evaluate, Test and Report
  • Dimension 5 Information Management and Business Intelligence

The review guide is designed not only to assist in the candidate's preparation of the CITP examination but will also enhance your knowledge base in today's marketplace.

Using the complete guide does not guarantee the candidate of successfully passing the CITP exam. This guide addresses most of the subjects on the CITP exam’s content specification outline and is not meant to teach topics to the candidate for the first time. A significant amount of cooperating and independent readings will be necessary to prepare for the exam, regardless of whether the candidate completes the review course or not.

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Table of Contents

1.0 INTRODUCTION 2

1.1 TYPES OF RISK ASSESSMENT 3

1.1.1 Risk Assessment Life Cycle Methodology 3

1.1.2 Enterprise Risk Assessment 7

1.1.3 Financial Statement Risk Assessment 8

1.1.4 IT Risk Assessment 9

1.1.5 Security Risk Assessment (audits) 13

1.2 UNDERSTANDING BUSINESS ENVIRONMENT AND BUSINESS PROCESSES 14

1.2.1 Executive Management Functions 14

1.2.2 Complexity of Business Entities 19

1.2.3 Automated Business Processes 20

1.3 AUDIT RISK MODEL FOR FINANCIAL REPORTING 21

1.3.1 Assessing Inherent Risk 22

1.3.2 Assessing Control Risk 23

1.3.3 Risk of Material Misstatement 25

1.4 DEVELOP A WALKTHROUGH PLAN 27

1.4.1 Determine Relevant Business Processes and Controls to Review 28

1.5 DRAFT RISK ASSESSMENT REPORT 29

1.5.1 Based on Evidence from Walkthroughs 29

1.5.2 Based on Other Applied Procedures 29

1.5.3 Usefulness of Best Practices 29

FRAUD CONSIDERATIONS

2.0 INTRODUCTION 44

2.1 DESCRIPTION & CHARACTERISTICS OF FRAUD 44

2.1.1 Definition of Fraud 45

2.1.2 Fraud Tree 45

2.1.3 Fraud Triangle 47

2.1.4 Scope of Fraud 49

2.1.5 Profile of the Executive Perpetrator 49

2.2 SAS No. 99 & ASSESSING RMM DUE TO FRAUD 49

2.2.1 The Importance of Exercising Professional Skepticism 50

2.2.2 Fraud Risk Factors 50

2.2.3 Behavioral Red Flags of Executive Fraudsters 52

2.2.4 Management Override of Controls 53

2.2.5 The SAS No. 99 Process – Assessing the RMM Due to Fraud 53

2.3 PREVENTION & DETERRENCE 58

2.4 DETECTION & INVESTIGATION 59

2.4.1 Use of IT Skills in Fraud Investigations 59

2.4.2 Use of IT in Fraud Investigations 62

2.4.3 Regulatory Standards 65

2.5 DIGITAL EVIDENCE 67

2.5.1 Legal Rules & Procedures 67

2.5.2 E-discovery Rules & Procedures 68

2.5.3 Federal & State Laws 68

INTERNAL CONTROL & INFORMATION TECHNOLOGY GENERAL CONTROLS

3.0 INTRODUCTION 82

3.1 INTERNAL CONTROLS 82

3.1.1 Understanding of Internal Controls 82

3.1.2 Management Considerations for Evaluating Internal Controls 95

3.2 IT GENERAL CONTROLS 95

3.2.1 Control Environment 96

3.2.2 Change Management 104

3.2.3 Logical Access 117

3.2.4 Backup & Recovery 123

3.2.5 Service Organizations 127

3.3 APPLICATION CONTROLS 129

3.4 INFORMATION SECURITY 130

3.4.1 Understanding IT Policies, Procedures, and Standards to Ensure Information/Data Security 130

3.4.2 Understanding Hardware and Physical Controls to Ensure Information/Data Security 130

3.4.3 Understanding Software and Other Process Controls to Ensure Information/Data Security 131

3.4.4 Understanding Concepts of Security Authorization and Authentication 132

3.4.5 Understanding Concepts of Encryption 132

3.5 PREPARING AN IT AUDIT PLAN 133

3.5.1 Scoping of the IT Audit or Review 133

EVALUATE, TEST, AND REPORT

4.0 INTRODUCTION 148

4.1 TYPES OF AUDIT & ASSURANCE SERVICES 148

4.1.1 Financial Statement Audit 148

4.1.2 Assurance Services for Service Organizations 169

4.1.3 Other IT Assurance Services and IT Reviews 173

4.2 AUDITING TECHNIQUES & PROCEDURES 176

4.2.1 Planning for Tests of Controls 177

4.2.2 Evidence Gathering 179

4.2.3 Sampling Considerations 180

4.2.4 Technical Tools and Techniques (CAATs) 182

4.3 ASSESSMENT OF CONTROLS 185

4.3.1 Deficiency Evaluation of IT-Related Controls 186

4.3.2 Materiality/Impact to the Entity 187

4.3.3 Assessment Reporting 187

4.4 INFORMATION ASSURANCE 189

4.4.1 Information Quality 189

4.4.2 Information Presentation 189

4.4.3 Information Timeliness 190

4.4.4 Information Auditability 190

INFORMATION MANAGEMENT & BUSINESS INTELLIGENCE Dimension 5

5.0 INTRODUCTION 204

5.1 INFORMATION MANAGEMENT 204

5.1.1 Information Lifecycle Management 204

5.1.2 Compliance 207

5.1.3 Information and Data Modeling 209

5.2 BUSINESS PROCESS IMPROVEMENT 216

5.2.1 Business Process Management 216

5.2.2 Systems Solution Management 219

5.2.3 Application Integration Management 223

5.3 DATA ANALYSIS & REPORTING TECHNIQUES 224

5.3.1 Infrastructure/Platforms Typically Employed 225

5.3.2 Data Preparation 227

5.3.3 Available Functions, Tools, and Approaches 229

5.3.4 Tool Selection Process 233

5.4 PERFORMANCE MANAGEMENT 233

5.4.1 Budget & Profitability Management 234

5.4.2 Performance Metrics and Reporting 236

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