The current computerized world has had a huge impact on the way that audit is performed. When auditing computerized systems, an audit team can choose to audit around the computer or perform the audit using computer-assisted audit techniques (CAATs). You are required to answer the following questions related to Information Technology (IT) on the audit process

a) Identify three (3) benefits of IT on a company's internal control processes, provided IT is implemented effectively (3 marks)

b. While IT has helped to reduce some of the old vintage risks, new risks haveemerged as a result. Identify five (5) business risks involving IT that could have a severe impact on a company and its operations. (6 marks)

c. The audit team can choose to audit around the computer or perform the audit using (CAATS). Compare and contrast the two different approaches (5 marks)

d. What are the three areas that are now important where auditing a cloud computing environment is concerned? (6 marks)