IT Auditing - Principles and Practices for Executives and Directors

Duration: 75 Minutes
This webinar facilitates an executive-level understanding of the ISACA IT Auditing Standards associated with performing IT assurance services and accepted areas of risk for most organizations through exposure to The Davis Adaptive IT Auditing System and Governance Tree frameworks. This webinar 'IT Auditing -Principles and Practices for Executives and Directors,' presents guidance following the general structure of planning, studying, testing, reporting and follow-up. This structure can be applied broadly, or narrowly, defined IT audits.
IT Auditing Best Practices
Instructor: Robert E. Davis
Product ID: 507751
Individual audit objectives and practices vary considerably from entity to entity, and there are many kinds of practitioners in audit-related activities, such as external auditors, internal auditors, self-assessment evaluators, quality reviewers and security assessors. For this reason, the audit process must be adaptive in utilization and high-level in structure.

Objectives of the Presentation
Learning Objectives:
  • Identification of IT audit phases
  • Identification of IT audit information sources
  • Designing the best practices set for successfully completing an IT audit
  • Understanding information criteria use
  • IT audit data collection and analysis management
  • Defending a formally written IT Audit Program
Why Should you Attend
As computing power has advanced, entities have become increasingly dependent on technology to carry out their operational requirements and to collect, process, maintain and report essential data. This reliance on electronically encoded data and on the systems that affect managerial decisions are a major concern for audit professionals. Consequently, Information Technology (IT) auditors examine the adequacy of controls in information systems and related operations to assure effectiveness and efficiency in business processes. Additionally, among other assurance services, IT auditors evaluate the reliability of computer-generated data supporting financial statements and analyze specific programs and their processing results. To ensure maximum value delivery from audit area assessments, oversight committee members need an evaluation methodology that enables confidence in the work performed by IT auditors.

The principles outlined in this session reflect best industry practices as well as managerial experience and cover three overarching themes: government, entity, and audit convergences. A discussion will occur that examines IT audit reporting and follow-up processes to enable enhancement of audit committee risk assessments.

This 75 minute presentation highlights assurance assessment oversight for information and related technology considerations. Systemically, this webinar covers accepted criteria for examining information systems deployed in specific audit areas. Regarding assurance practice content, this webinar will address fiduciary responsibilities for sound IT governance, IT risk management, and IT compliance using detailed examples. In this webinar, we will discuss the suitability of using accepted information criteria to determine appropriate entity-wide IT due diligence.

At the end of this session, the speaker will handle your specific questions and address any challenges you have/had in IT auditing process.

Areas Covered
By attending, you will learn:
  • Effective IT audit function oversight
  • Principles and practices for performing IT audits
  • Sound strategic and tactical IT risk considerations
  • Three tiers of enterprise governance occur regarding:
    • Content
    • Meaning
    • Implementation factors
    • Responsibilities
Who will Benefit
  • Audit Committee Members
  • Risk Management Executives
  • Chief Audit Executives
  • External Audit Partners
  • Chief Executive Officers
  • Chief Financial Officers
  • Chief Information Officers
  • Compliance Executives
  • Chief Information Security Officers
Topic Background
Current events posted by various news outlets, including Fox News, the Wall Street Journal, Forbes, and Yahoo.com, concerning Knight Capital's financial debacle, present some severe allegations regarding managerial due diligence during system development lifecycles. In this case, the cost to the already troubled firm is an estimated $440,000,000.00 USD. An amount no financial-based institution can classify as immaterial.

Undoubtedly, an individual or group authorized activation of this critical new application. Nonetheless, it appears adequate precautions, such as application processing testing, were not performed either before deployment, during implementation, or after installation by the project team.

Considering, as computing power has advanced, entities have become increasingly dependent on technology to carry out their operational requirements and to collect, process, maintain and report essential data. This reliance on electronically encoded data and on the systems that affect managerial decisions are a major concern of audit professionals. Consequently, Information Technology (IT) auditors examine the adequacy of controls in information systems and related operations to assure effectiveness and efficiency in business processes. Moreover, among other assurance services, IT auditors evaluate the reliability of computer-generated data supporting financial statements and analyze specific programs and their processing results. Thus, the question regarding the circumstances that produced this extraordinary financial loss is: Did management assign an IT auditor to the software project team?
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Instructor Profile:
Robert E. Davis obtained a Bachelor of Business Administration degree in Accounting and Business Law and a Master of Business Administration degree in Management Information Systems from Temple and West Chester University; respectively. In addition, during his twenty years of involvement in education, Robert acquired Postgraduate and Professional Technical licenses in Computer Science and Computer Systems Technology. Robert also obtained the Certified Information Systems Auditor (CISA) certificate - after passing the 1988 Information Systems Audit and Control Association's rigorous three hundred and fifty multiple-choice questions examination; and was conferred the Certified Internal Controls Auditor (CICA) certificate by the Institute for Internal Controls.

Since starting his career as an information systems (IS) auditor, Robert has provided data security consulting and IS auditing services to the United States Securities and Exchange Commission, United States Enrichment Corporation, Raytheon Company, United States Interstate Commerce Commission, Dow Jones & Company and Fidelity/First Fidelity (Wells Fargo) corporations as well as other organizations; in staff through management positions. Prior to engaging in the practice of IS auditing and information security consulting; Robert (as a corporate employee) provided inventory as well as general accounting services to Philip Morris, USA and general accounting services to Philadelphia National Bank (Wells Fargo). Furthermore, he has prior experience as a freelance writer of IT audit and information security training material.

Robert has authored articles addressing IT issues for The Institute of Internal Auditors, IT Governance LTD and ISACA as well as peer reviewed Carnegie Mellon University's technical report "Comparing eSCM-SP v2 and COBIT" and five chapters of Bloomsbury's "Effective Auditing for Corporates". Robert is a member of the American Association of University Professors, ISACA, and The Institute for Internal Controls. Robert is a Fox Management Information Systems professor of IT auditing and cyber-security at Temple University. He is also a college computer science and mathematics instructor, having previously taught at Cheyney University and Bryant & Stratton College.

In regards to training individuals in the information systems audit process; he has provided instruction to the Data Processing Management Association, ISACA-Philadelphia Chapter CISA Review Course participants, 3rd Annual Securasia Congress delegates and an Internet CISA study group. Based on his accomplishments, Robert has been featured in Temple University's Fox School of Business and Management Alumni Newsletter as well as The Institute for Internal Controls e-newsletter. Furthermore, he is listed as: the Temple University (First and Inaugural) CISA-in-Residence, a Temple University Master of Science in IT Auditing and Cyber-Security Advisory Councilmen, an IT Governance LTD expert panel member, a leading expert and specialist by The Compliance Authority as well as an International Association of IT Governance Standards honorary member.
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