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:memo: LECTURE 1 IT AUDITING :memo: IT GOVERNANCE & AUDIT OVERVIEW -…
:memo:
LECTURE 1 IT AUDITING
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IT GOVERNANCE & AUDIT OVERVIEW
1. Impact of IT on organizations
Positive
Managing computer users
Competencies
Good decision making
Preserving data
Negative
Computer abuse
Destruction of self image
High cost of incorrect decision making
Cost of data loss
2. IT governance
To promote an organization's objectives
To enable business processes
To manage and control IT related risks
3. IT auditing
Improve safeguarding of assets
Improve data integrity
Compliance with regulations, rules or conditions
Improve system effectiveness
Improve system efficiency
4. Work of IT auditors
Internal auditor
External auditor
Involve in any audit engagement.
Evaluate controls over specific applications.
Provide assurance over specific processes.
Provide third party assurance.
Conduct penetration testing.
Search for IT hased fraud.
Support financial audit.
5. Financial & IT audit
IT auditors may work on financial audit engagement
IT auditors may work on every step of the financial audit
IT audit work on financial audit engagement is likely to increase as internal control
is to ensure that an organization’s public financial statements are presented in accordance with generally accepted principles likes IFRS, GAAP