Read the background information provided in the case (pages CS2-1 to CS2-15)

? Read the background information provided in the case (pages CS2-1 to CS2-15), and begin identifying
information sources for the global financial service providers listed in the exercise on page CS2-15.
By the way:
- UBS AG was originally Union Bank of Switzerland, until it merged in 1998 with Swiss Bank Corporation.
- ING is Internationale Nederlanden Greop
- RBS is Royal Bank of Scotland.

? Gather the research information needed to complete the exercise on page CS2-15.
Write up your answers to the five questions asked.

? Continue the background reading (pages CS2-15 to CS2-19), and then complete #1 and #2.a
of the 2 activities required by Scenario 1 (page CS2-19), including writing up answers to these questions.
? Complete the remaining questions in Scenario 1, Activities 2 b, c, and d. Note the modifications below.
Modified Activities For Scenario 1 Item #2.
Using the information provided in the chapter background and gathered from the exercise on CS2-15,
Complete the following:
a. Perform a risk assessment of BUS’s growth-related change initiatives, including the name change
to BUG. Use the results of that risk assessment to prioritize those initiatives that are candidates
for internal audit projects.
b. Based on the prioritized risk assessment, determine the highest risk initiatives for which
the internal audit function should perform an internal audit engagements. Give the reasons
for your determination of highest risk.
c. Discuss the level of involvement the internal audit function will have in
the engagement selected in b. above. Consider:
1. Customer expectations.
2. Frequency and format of customer communications.
3. Internal audit resources available.
4. Type and amount of testing to be performed.
d. Develop a summary work program for the highest prioritized initiative
chosen for an engagement in b. above.