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Question 716 - CISA discussion

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During an audit of payment services of a branch based in a foreign country, a large global bank's audit team identifies an opportunity to use data analytics techniques to identify abnormal payments. Which of the following is the team's MOST important course of action?

A.
Consult the legal department to understand the procedure for requesting data from a different jurisdiction.
Answers
A.
Consult the legal department to understand the procedure for requesting data from a different jurisdiction.
B.
Conduct a walk through of the analytical strategy with stakeholders of the audited branch to obtain their buy-in.
Answers
B.
Conduct a walk through of the analytical strategy with stakeholders of the audited branch to obtain their buy-in.
C.
Request the data from the branch as the team audit charter covers the country where it is based.
Answers
C.
Request the data from the branch as the team audit charter covers the country where it is based.
D.
Agree on a data extraction and sharing strategy with the IT team of the audited branch.
Answers
D.
Agree on a data extraction and sharing strategy with the IT team of the audited branch.
Suggested answer: A

Explanation:

The audit team's most important course of action is to consult the legal department to understand the procedure for requesting data from a different jurisdiction, as this will ensure that the data analytics techniques are compliant with the applicable laws and regulations of both countries12.Requesting data from a foreign branch may involve legal risks such as data privacy, data sovereignty, and data protection34, and the audit team should seek legal guidance before proceeding with the data extraction and analysis.

Reference

1: Data Analytics and Auditing Standards2: Data Analytics and the Audit Process3: Data Privacy and Data Protection: US Law and Legislation4: Data Sovereignty: What It Is and Why It Matters

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asked 18/09/2024
Tristan Zerner
45 questions
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