Notes from Domain01

The audit committee is a subgroup of the board of directors. The audit department should report to the audit committee and the audit charter should be approved by the committee.


Continuous Auditing is the Most appropriate for retail business with large volume of Transactions to address emerging risk proactively.

The implementation of continuous auditing enables a real-time feed of information to management through automated reporting processes to achieve quicker implementation of corrective actions by management.

Using software tools such as CAATs to analyze transaction data can provide detailed analysis of trends and potential risk, but it is not as effective as continuous auditing, because there may be a time differential between executing the software and analyzing the results.

Control self-assessment helps process owners assess the control environment and educates them on control design and monitoring.

The sampling of transaction logs is a valid audit technique; however, risk may exist that is not captured in the transaction log and there may be a potential time lag in the analysis.