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ISCA: Q1 - Coggle Diagram
ISCA: Q1
STEPS IN IS AUDITING
Planning
Establish
audit
scope & objectives
Gather
relevant
bg information
Perform risk assessment
Ensure appropriate IS/IT areas are included
Assessment
Evaluation phase @ fieldwork
Assess
the
adequacy of internal control & compliance
Test the effectiveness of internal controls
Reporting
Communicate audit findings to client's mngmt
Written audit report
Details the assessment results
ISSUES DURING THE PROCESS OF AUTOMATING AUDIT FX
Risk of Data Integrity
Potential for data loss / corruption
Insufficient K/ledge to Use the IS/IT
Leads to errors, & misinterpretation of audit results
Resistance to Change
Unfamiliar / perceived complexity to use the IS/IT
Comfortable w traditional methods
AUDIT ENGAGEMENT LETTER
Def
A written agreement
Act as a
binding contractual agreement
between auditors & clients
Outlines
Scope of auditors work
Clients' responsibilities
Audit scope
Fee details
Others
What Auditors Should Do After Receive It
Communicate with the client
Establish audit objectives, scope, & expectations
Identify key individuals
who can
provide necessary information & access
Conduct a meeting with the client
Understand business operations, internal controls, potential risk areas
Can
help to identify key risk areas
- can
plan audit procedures effectively
IS AUDITOR'S ROLE IN SUPPORTING FINANCIAL AUDIT
Assess IS Internal Controls
Ensure reliability of financial reporting
- identify any vulnerabilities that could impact the accuracy of financial data
Share Specialized Knowledge & Expertise in IS
Help financial audit team to understand & address the impact of IS on financial processes
AREAS WHERE IS AUDITOR NEEDS TO BE AWARE OF IN USING TECH TO PERFORM AUDIT
Security Aspect
Assess & ensure the security measures
- firewall, encryption, access controls
To ensure the confidentiality & integrity of the audit data
Tech Complexity
Includes
difficulty of data extraction & analysis, & needs for specialized skills
To ensure the accuracy & reliability of audit findings