11 Jul Lebanese American University ACC420 : Midterm Proj
Lebanese American University ACC420 : Midterm ProjectMidterm ProjectThe following project is designed to test your ability to apply what you have learnt from chapter 1 to chapter 9 along with the practical and real scenarios discussed during the class and online sessions. Please note that this project is not intended to test your IT technical skills.There is no restriction on the resources that you may use to perform it, though obviously you are not allowed to seek assistance from others or plagiarize in responding. This project will be assessed based on the approach of solving the problem, content and structure of the deliverable. (appropriate content, grammar, presentation and good use of English will be taken into consideration in assessing your work)You final deliverable should be submitted in MS Word format, Font 12, Calibri or Tahoma Font,single line spacing and fully justified paragraph. Please ensure that you return your response to nb980585@lau.edu.lb as an attachment no later than Tuesday August 7, 2020 at 3:00 pm.General Notes:1. You can make assumptions but please make sure to include them in your project deliverable as an appendix.2. Your deliverable will be compared to your colleague’s deliverables, so do your best and let us raise the challenge.Lebanese American University ACC420 : Midterm ProjectIT Audit CaseYou can choose one of the below two industries:1- Financial (Bank or Insurance Company)2- Industrial (Food packaging industry)You are an internal IT auditor in an institution named Globe360. Like any international institution, Globe360 has multiple branches in the MENA region with its head office located in Beirut. Globe360 has recently faced an internal fraud resulted from a weakness in its IT controls(mainly in the access rights and change management processes) that costed the institution more than 20% of their annual profit. Globe360 addressed the Fraud using its current resources (technical, human, and other) and as well hired consultants to enhance its internal controls. You were requested to evaluate and assess the internal IT controls and identify current weaknesses that has direct and indirect relation to the Fraud.Kindly develop the following:1- Max 1 page : Audit Plan to be shared with the team and presented to the audit committee2- Max 1 page : List of required documents to be sent to the auditee.3- Sample audit universe relevant to the industry and focused on IT controls4- Maximum 3 pages: Audit work program along with the needed IT test of controls (minimum 3 test of controls per process)5- Maximum 2 pages : Engagement Letter to be sent to the auditee detailing:a. Audit Objectiveb. Audit Scopec. Methodology and tools that will be usedd. Audit Timelinee. Resources Requiredf. List of Requirements (refer to point 2)g. Expected deliverables h. Timelines6- Max 1 Page : Prepare a list of 10 possible IT control weaknesses that were observed during your audit7- Max 5 Pages: Prepare a management letter report covering 4 out of the above 10 weakness to be presented to the Management (1 page per identified weakness) showing:a. Weakness titleb. Observation: stating how did you observe the weaknessc. Risk: stating the risk that this weakness is or will impose on the institutiond. Recommendation: state a practical recommendation that can be implementede. Risk rating: Give a risk rating scale Low, Medium, Highf. Keep a space for the management response section8- Insert all your references used in a Reference Section as an appendixGood Luck And Stay Safe !Nabil Baba
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