As the chief internal auditor, you recently received a voice-mail message from the new CEO of your company. He would like you to address the following IT audit related topics: Namely, what you see as the factors to consider when developing your annual audit plan. He also read a report from you recently which stated that audit assurances regarding the companys complex information systems can only be obtained if all of the components are evaluated. He would also like you to explain the COSO model and identify and briefly explain IS areas or elements of the IS system you think we should look at during the next year.

1. Three factors to consider when developing an annual audit plan. (3 marks)

1. Three elements of the IS system you think we should look at during the next year. (3 marks)

1. Discuss three components of COSO. Which component is the most important to an effective internal control system? (4 marks)