The enterprise risk management model takes a risk-based rather than a controls

The enterprise risk management model takes a risk-based rather than a controls-based approach to the development of internal control systems. The
components of this model include the following:

The Internal Environment

Objective Setting

Event Identification

Risk Assessment

Risk Response

Control Activities

Information and Communication

Monitoring

If management at ALLFIRST and AIB had taken a risk-based approach to their design and development of the internal control systems in the Treasury Department
how might they have uncovered and possibly have prevented the $691 Million fraud? Cite specific components (systems procedures reports etc.) that would have
been included in design of the internal control system using a risk-based approach.

Discuss the different types of internal audits that an organization might conduct. Include in your discussion:

A Financial Audit

An Information Systems or Internal Control Audit

An Operational Audit

A Compliance Audit

An Investigational Audit

3. Describe how auditing information technology is integral to the financial audit process. Include in your discussion interim audits compliance
testing financial statement audit substantive testing auditing through the computer auditing with the computer risk based auditing and any other
points you feels are important to your explanation