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iFour ConsultancyTypes of IT Audits
 The word ‘Audit’ originated from the Latin word ‘Audire’ which means ‘to hear’.
 Auditing is the on-site verification a...
 The different phases of an audit are given as :
 Audit preparation
 Audit performance
 Audit reporting
 Audit follow...
Types of Audits
Different types of Audits:
• Financial audits
• Operational audits
• Integrated Audit
• Forensic audits
• ...
Financial Audit
• A third-party examination of a company's financial records and reporting activates.
• Its objective is t...
Operational Audit
• Operational Audit is a systematic review of effectiveness, efficiency and economy of operation.
• A fu...
Integrated Audit
• This is a combination of an operational audit, department review, and IS audit application controls
rev...
Forensic Audit
• 'Forensic Audit' An examination and evaluation of a firm's or individual's financial information for
use ...
Investigative Audit
• This is an audit that takes place as a result of a report of unusual or suspicious activity on the p...
Compliance Audit
• A compliance audit is a comprehensive review of an organization's adherence to regulatory
guidelines.
•...
Visit our websites :
 http://www.ifour-consultancy.com
 http://www.ifourtechnolab.com
References :
 http://smallbusines...
Software Outsourcing Companies in India
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Types of audit

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This presentation describes and explains different types of IT Audits.

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Types of audit

  1. 1. iFour ConsultancyTypes of IT Audits
  2. 2.  The word ‘Audit’ originated from the Latin word ‘Audire’ which means ‘to hear’.  Auditing is the on-site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements.  An audit can apply to an entire organization or might be specific to a function, process, or production step. IT Audit Software Outsourcing Companies in India
  3. 3.  The different phases of an audit are given as :  Audit preparation  Audit performance  Audit reporting  Audit follow-up and closure Phases of an Audit Software Outsourcing Companies in India
  4. 4. Types of Audits Different types of Audits: • Financial audits • Operational audits • Integrated Audit • Forensic audits • Investigative audits • Compliance audit • IS audits Software Outsourcing Companies in India
  5. 5. Financial Audit • A third-party examination of a company's financial records and reporting activates. • Its objective is to review the financial statements; • And to state whether these statements provide true view of transactions performed by an organization. • The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework. Software Outsourcing Companies in India
  6. 6. Operational Audit • Operational Audit is a systematic review of effectiveness, efficiency and economy of operation. • A future-oriented, systematic, and independent evaluation of organizational activities. • Financial data may be used, but the primary sources of evidence are the operational policies and achievements related to organizational objectives. • Internal controls and efficiencies may be evaluated during this type of review. Software Outsourcing Companies in India
  7. 7. Integrated Audit • This is a combination of an operational audit, department review, and IS audit application controls review. • An audit is called an integrated audit, where auditors, in addition to an opinion on the financial statements, must also express an opinion on the effectiveness of a company's internal control over financial reporting Software Outsourcing Companies in India
  8. 8. Forensic Audit • 'Forensic Audit' An examination and evaluation of a firm's or individual's financial information for use as evidence in court. • A forensic audit can be conducted in order to prosecute a party for fraud, embezzlement or other financial claims. • Forensic auditing aims at legal determination of whether fraud has actually occurred. Software Outsourcing Companies in India
  9. 9. Investigative Audit • This is an audit that takes place as a result of a report of unusual or suspicious activity on the part of an individual or a department. • It is usually focused on specific aspects of the work of a department or individual. • An investigative audit is the same as a forensic audit. • When fraud or theft is uncovered, the investigative auditor compiles evidence and is often asked to testify if the individual responsible for the theft is eventually prosecuted. Software Outsourcing Companies in India
  10. 10. Compliance Audit • A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines. • Independent accounting, security or IT consultants evaluate the strength and thoroughness of compliance. • For example, you may determine whether the business is complying with U.S. Environmental Protection Agency (EPA) standards on the dumping of toxic waste. • Or you may look at whether a credit card company is following federal law with regards to charging its cardholders allowable fees and interest. Software Outsourcing Companies in India
  11. 11. Visit our websites :  http://www.ifour-consultancy.com  http://www.ifourtechnolab.com References :  http://smallbusiness.chron.com/advantages-disadvantages-investigative-auditing-firms- 35893.html  https://en.wikipedia.org/wiki/Financial_audit  http://resource.cdn.icai.org/11007p359-364sep04.pdf For more details : Software Outsourcing Companies in India
  12. 12. Software Outsourcing Companies in India
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