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A growing number of organizations are using cloud computing as a viable alternative for their IT resource needs. Cloud computing allows organizations to increase their ability to meet computing resource demands while avoiding significant investments in IT infrastructure, personnel, and software. While forecasts are for continued increases in demand for cloud computing, the benefits also bring a host of new risk considerations.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued a thought paper, Enterprise Risk Management for Cloud Computing, to help organizations assess and mitigate risks arising from cloud computing. Visit the COSO Web site (www.coso.org). Read the thought paper to answer the following questions:
a. What is cloud computing?b. What are private clouds, community clouds, public clouds, and hybrid clouds?c. The paper identifies examples of risks associated with cloud computing. Describe each of the following risks:(1) Disruptive force(2) Lack of transparency(3) Vendor lockin and lack of application portability(4) Highvalue cyberattack targets
Explain the economic benefits provided by a financial statement audit. Explain the inherent limitations that might prevent auditors from finding every potential material misstatement in financial statements.
Quincy Inc. has 20,000 shares of $10 par value common stock and 1,000 shares of $100 par value, 9%, cumulative, preferred stock. No dividends were paid the previous year.
Evaluate each of the following questions independently and provide support for your assessment on the effectiveness of the control based on testing performed.
Outline the critical steps inherent in planning an audit and designing an effective audit program. Based upon the type of company selected, provide specific details of the actions that the company should undertake during planning and designing ..
Would your answer change if EFL had written to King & Queen advising you that they intended to make a loan to Impulse and were relying on the 2012 audited financial report to assist them in making their decision?
1 if you were given complete authority how would you propose that generally accepted accounting principles gaap should
1.If an audit client does not have prenumbered checks, what type of misstatement has a greater chance of occurring?
The audit partner on this engagement for the last 3 years has been James Underwood and identify if any of the above would prevent the audit firm from accepting the engagement.
1.what is an audit?2.explain the followingastandard auditbpartial auditccomplete or detailed audit3.what is an
Comment on the implications of the above on the audit of Harness Ltd for the year end June 20X8 - Briefly outline the reasons why social and environmental issues are of interest to an external auditor.
please answer all question complete the subsequent by inserting either a or a - sign in the appropriate cell. gb 518
This is the first year in which your firm has performed the audit. As part of the planning work, you have performed analytical procedures on an annualised basis and compared the results to industry averages and last year's audited financial inform..
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