What is cloud based computing?
Cloud computing identifies outside servers that are available to be used throughout the internet. Cloud based computing enables subscription-based users to enhance an organizations information technology by allowing users to apply it on a real-time basis throughout the internet.
The risks of cloud computing include potential data loss, data can be hacked, and relying on a service provider. However, there are plenty of advantages! Cloud computing allows for easier access, lower maintenance costs, and scalability.
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How can variable sampling risk impact the efficiency or effectiveness of an audit?
Audit risk is comprised of inherent risk, control risk, and detection risk. The level of substantive testing that the audit performs is based on detection risk, which is set after the audit team assesses inherent risk and control risk. Variable Sampling – Substantive Testing When the audit team is performing substantive testing, they will use […]
What happens if control risk is set too high or too low?
Audit risk is comprised of inherent risk, control risk, and detection risk. Depending on how the audit team assesses control risk, they would set detection risk, which determines the level of substantive testing that should be performed. To assess control risk, the audit team would use attribute sampling to determine if the controls were operating […]
What is business intelligence?
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