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Internal Audit Advisory
In the heavily technology-dependent business world of today, the scope of internal auditors has expanded far beyond controls surrounding financial reporting processes. Successful organizations understand that effective business operations and compliance initiatives rely heavily on the integrity, reliability, and availability of information systems.
IT is now on par with financial risks and business opportunities, and is no longer a “specialized” technology issue, but a business and compliance issue requiring an understanding of its impact on the financial reporting process all the way up to the organization’s governing body.
Because of the pervasive nature of IT in any organization’s financial reporting functions, internal auditors must incorporate the work of IT to effectively perform a truly risk-based audit integrating all the benefits of automated monitoring and application controls. However, many internal audit departments are comprised primarily of financial auditors that may not have the background and expertise to address significant risks over information technology. EKS&H can help its clients design integrated audits, whereby internal auditors and information technology auditors join forces to properly assess controls surrounding information systems, operational and financial reporting functions.
Clients who use EKS&H to help them design integrated audits enjoy many benefits, including:
- Efficiencies created by integrating two significant audit undertakings and to the extent possible, abandoning the manual-intensive sampling approach
- The board and its committees’ responsibility for successful IT governance
- Clearer understanding of the role of IT and the risks inherent to financial and operational systems