Internal And External Audit Cost

IMPROVE EXTERNAL AUDIT QUALITY WHILE REDUCING COST

WITH AUDIT INFORMATION SYSTEM SKILLS

The dynamic nature of the 21st century business and technological transformation have posed the awareness of multinationals and SME’s to move towards an enterprise wide enhanced security framework, transparency, objectivity and accountability in internal audit functions to meet multiple compliance requirements, rigorous identification and response to compliance risks, external audit needs, national and international audit standards.

The road to successful internal audits in preparation for external audit has never been a smooth one due to a large number of reasons ranging from inefficient audit resource management, managing IT infrastructure transformation

This enables proactive advisory procedures to bridge the gap between business process (policies and regulation) and IT processes policies and regulation requirement. The technological transformation has increased the awareness of auditors to leverage IT skills and facilitate audit using various IT tools (software & application). The functions of the IT infrastructure, its associated risk and compliance requirement including IT controls has to be checked by internal auditors using standard IT audit framework. Managing IT risk Assessment, monitoring and testing controls. Auditors also create standard procedures for change management e.g. new software development software upgrade (applying patches), procedures for managing increasing volume of enterprise data in big data analytics, procedures for developing new security tools and application (cyber security & network security) and finally procedures for managing cloud computing/virtualization activities. In conclusion, managing all these with objective audit documentation and evidence approach while adhering to compliance requirements can be tasking. However with the help of audit tools, IT and analytical skills the internal auditor can ease

Only audit skills in modern day auditing are insufficient for modern day audit. The need for data analytics and IT skills might just complete the unique set of skills required to be successful in the modern internal audit department. Other critical skills needed by the modern day auditor for efficient service delivery include integrity, communication skills, knowledge of business processes and conflict resolution skills which is key to surviving as an