summary week 5 - and IT users developing appropriate IT...

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Week five was a little tough for me because most of the topics discussed are all new to me. But because of that, I’ve gained a lot of valuable information. During week five, we discussed about the differences between IT audit and financial statement audit. Basically, a financial statement audit is a review process to ensure a company’s financial statements are conform to GAAP and an IT audit is an examination of the controls within an the IT group. I’ve never experience an IT audit before, so it was very interested to research about what it actually was and its four main types of audit which was attestation, finding and recommendation, SAS 70, and SAS 94. We also discussed about the CobiT framework and its six interrelated components; exec summary, framework, control objectives, management guidelines, toolset, and audit guidelines. I feel that all of the six components are important because it helps auditors, managers,
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Unformatted text preview: and IT users developing appropriate IT governance and control in their company. We also talked about the IT audit life cycle, and how their basic step is similar to a financial audit. We also discussed about that role does people skills play in an audit. I think that people skills play a very important role in an audit as well as their experience as an auditor. We talked about the differences between internal and external audit and should a company have both, which I personally think they do to help maximize the most effectiveness and efficiency of the company. Last, but not lease, another topic we discussed was computer-assisted auditing techniques also known as CAAT. This topic was very interesting to me because Ive never heard of CAATs before. After reading about CAATs, I think I think all components of an audit should be automated because this process helps make generating audits reports fast and easy....
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This note was uploaded on 06/25/2011 for the course ACC 421 $21 taught by Professor Unknown during the Spring '09 term at University of Phoenix.

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