IT Controls Please respond to the following
- Discuss at least three to five advantages and disadvantages of implementing an IT-based system. Identify at least four inherent operational and financial risks in using computerized reports. Propose at least two mitigation risk strategies, and justify your recommendation.
- Identify at least three risks that auditors need to consider for companies that process Web-based sales transactions, including credit card payments. For each risk identified, develop a mitigation risk strategy. Provide specific examples.
Information Technology based systems have been in use by non-profit organizations, industries, and government agencies. They have different advantages a well as disadvantages. Some of the advantages include: They save time. This is because the systems usually provide fast and centralized access to the database of the personal information. Therefore looking for any information is quite fast. Helps in information coverage is another advantage. The systems usually provide the organization with a huge advantage…