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Audit Classification
June 24, 2008
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The basic purpose of an IS Audit is to identify control objectives and the related controls that address the objective. Audit objectives refer to a specific goal of the audit and it centers around substantiating that internal controls exists to minimize business risks.
Performing IS Audit
Audit is the process by which an independent competent person obtains and evaluates evidence regarding an event or economic entity in conformance with identified set of standards.
Classification of Audits
Audits can be classified as:
Financial Audits: Relates to information reliability and integrity and it assess the correctness of financial statements. It involves detailed substantive testing.
Operational Audit is designed to evaluate internal controls like IS audit of application controls or logical security.
Integrated Audit: Includes doing both compliance and substantive testing i.e. data and controls. It assesses the overall objectives related to financial information, assets, safeguarding.
Administrative Audits: these audits assess issues related to efficiency and effectiveness of operational productivity within an organization.
IS Audit: This audit collects and evaluates evidence to determine if an IS and related resources safeguard assets, maintain data and system integrity, provide relevant and reliable information, achieve organizational goals effectively and efficiently.
Internal Controls provide reasonable assurance that operational and control objectives will be met.
Specialized Audits:
These are audits done to review services such as those offered by third parties. it defines professional standards used by service auditor to assess the internal control of service organizations.
Forensic Audits:
They are specialized in discovering, discussing and following up on fraud and crimes. Forensic audit tools such as data mapping for security and privacy, risk assessment and intellectual property for data protection are being used for prevention compliance and assurance.
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