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| IT audit |
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An IT audit and assurance professional conducts a formal, independent and systematic inspection or examination of subject matter against a recognised and appropriate standard or against management’s assertions that must meet specific criteria. Audit engagements require a formal approach, adherence to specific standards and guidance, and adoption of specific reporting formats. Audit engagements could include support of the audit of financial statements, opinions of regulatory compliance and other formal expressions of opinion. Assurance engagements may be performed with various degrees of rigour to reach a conclusion about the subject matter and thereby provide the reader or user with a level of assurance. The degrees of rigour are commonly referred to as the examination level and the review level (which is less rigorous). Agreed-on or specified procedures engagements are not considered audits in that they likely lack the completeness of scope to be considered an audit. However, the procedures agreed on by the users of the report are audit procedures and they are applied against the subject matter. The resulting report refers to audit procedures but indicates the work performed does not constitute an audit and that no opinion is provided. Distribution of such reports is restricted.
IT and financial reporting environments are becoming increasingly complex while even greater reliance is being placed on the information produced by these systems and processes. In addition, new regulations in many countries have put a greater emphasis on internal controls and often require independent assurance of the effectiveness of internal controls.
Attention to the design, documentation and operation of controls is critical to ensuring the accuracy and timeliness of information used for financial reporting and management decision-making. We provide services related to controls around the financial reporting process, including financial business process and IT management controls.
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