IT Auditing and Application Controls for Small and Mid-Sized Enterprises: Revenue, Expenditure, Inventory, Payroll, and More

Overview

Essential guidance for the financial auditor in need of a working knowledge of IT

If you're a financial auditor needing working knowledge of IT and application controls, Automated Auditing Financial Applications for Small and Mid-Sized Businesses provides you with the guidance you need. Conceptual overviews of key IT auditing issues are included, as well as concrete hands-on tips and techniques. Inside, you'll find background and guidance with appropriate reference to material ...

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Overview

Essential guidance for the financial auditor in need of a working knowledge of IT

If you're a financial auditor needing working knowledge of IT and application controls, Automated Auditing Financial Applications for Small and Mid-Sized Businesses provides you with the guidance you need. Conceptual overviews of key IT auditing issues are included, as well as concrete hands-on tips and techniques. Inside, you'll find background and guidance with appropriate reference to material published by ISACA, AICPA, organized to show the increasing complexity of systems, starting with general principles and progressing through greater levels of functionality.

  • Provides straightforward IT guidance to financial auditors seeking to develop quality and efficacy of software controls
  • Offers small- and middle-market business auditors relevant IT coverage
  • Covers relevant applications, including MS Excel, Quickbooks, and report writers
  • Written for financial auditors practicing in the small to midsized business space

The largest market segment in the United States in quantity and scope is the small and middle market business, which continues to be the source of economic growth and expansion. Uniquely focused on the IT needs of auditors serving the small to medium sized business, Automated Auditing Financial Applications for Small and Mid-Sized Businesses delivers the kind of IT coverage you need for your organization.

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Product Details

  • ISBN-13: 9781118072615
  • Publisher: Wiley
  • Publication date: 12/9/2013
  • Series: Wiley Corporate F&A Series , #573
  • Edition number: 1
  • Pages: 434
  • Sales rank: 984,344
  • Product dimensions: 6.90 (w) x 10.00 (h) x 1.60 (d)

Meet the Author

Jason Wood, CPA, CITP, CIS, CIA, CFF, MBA, is President of WoodCPA-Plus, a certified public accounting firm that focuses on IT auditing, consulting, and training. Mr. Wood has over seventeen years of international business experience in IT auditing, helping middle market and global Fortune 500 companies. He is an alumnus of the Big Four accounting firms—Deloitte, E&Y, and PwC.

William Brown, PhD, CPA, CISA, CITP, is Chair of Accounting at Minnesota State University, Mankato, where he has taught accounting and management information systems. He has over twenty years of business experience including roles as vice president, controller, and CFO of several publicly traded companies and the CIO of an IT intensive high-growth SME.

Harry Howe, PhD, is Professor of Accounting and Director of the MS in Accounting Program at SUNY-Geneseo. Howe has coauthored two volumes in the BNA Policy and Practice series and published numerous articles in scholarly and practitioner journals.

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Table of Contents

Preface

Acknowledgments

Chapter 1 Why Is IT Auditing Important to the Financial Auditor and the Financial Statement Audit?

Management’s Assertions and the IT Audit

Objectives of Data Processing for Small- and Medium-Sized Enterprises (SMEs)

Special Challenges Facing SMEs

Research Confirming the Risks Associated with SMEs

A Framework for Evaluating Risks and Controls, Compensatory Controls, and Reporting Deficiencies

In Summary: The Road Ahead

Chapter 2 General Controls for the SME

General Controls: Scope and Outcomes

The “COSO Process” - Putting It All Together: Financial Statements, Assertions, Risks, Control Objectives, and Controls

The Vasa: Governance and General Control Failures

In Summary

Chapter 3 Application-Level Security

Key Considerations

Initial Security Setup

Security Role Design

Password Configuration

Segregation of Duties

Personnel, Roles and Tasks

Access Reviews

Human Error

In Summary

Chapter 4 General Ledger and the IT Audit

The General Ledger: A Clearinghouse of Financial Information

Chart of Accounts for QuickBooks

SME Risks Specific to the General Ledger and the Chart of Accounts

Assertions Underlying the Financial Statements and General Ledger Controls

IT Controls, the Transaction Level, and the General Ledger

Analytical Reviews Using the General and Subsidiary Ledger Data

In Summary

Chapter 5 The Revenue Cycle
General Process Description

Risk Exposures and Sub Processes

Application Controls, Revenue Cycle Risks and Related Audit Procedures

In Summary

Chapter 6 The Expenditure Cycle
General Process Description

Risk Exposures and Sub Processes

Application Controls, Expenditure Cycle Risks and Related Audit Procedures

In Summary

Chapter 7 The Inventory Cycle
General Process Description

Risk Exposures and Sub Processes

Application Controls, Inventory Cycle Risks and Related Audit Procedures

In Summary

Chapter 8 The Payroll Cycle
General Process Description

Risk Exposures and Sub Processes

Application Controls, Payroll Cycle Risks and Related Audit Procedures

In Summary

Chapter 9 Risk, Controls, Financial Reporting, and an Overlay of COSO on COBIT

PCAOB Warnings: Insufficient Evidence to Support Opinions

How We Got Here: A Historical Perspective

Risk

Risk and Fraud

Controls

Financial Reporting

PCAOB Guidance on IT Controls

Integrating COSO, COBIT, and the PCAOB

In Summary

Chapter 10 Integrating the IT Audit into the Financial Audit

Risks, Maturity, and Assessments

Cross Referencing COBIT to the PCAOB and COSO

Plan and Organize

Program Development and Change

Computer Operations and Access to Programs and Data

Monitor and Evaluate

In Summary

Chapter 11 Spreadsheet and Desktop Tool Risk Exposures

Specific Types of Risks and Exposures

Research on Errors in Spreadsheets

Compliance Dimensions of Spreadsheet Risk Exposures

Spreadsheet Auditing Tools

Governance of Spreadsheets and Desktop Tools

Control Considerations

Auditing Controls and Creating a Baseline

Life After the Baseline: Maintaining Spreadsheets and Desktop Tools

In Summary

Chapter 12 Key Reports and Report Writers Risk Exposures

How Reports Are Used

Original Reports within the Application

C Modified or Customized Reports Within the Application

Reports Using Third-Party Packages

Analyzing and Validating Reports

In Summary

Chapter 13 IT Audit Deficiencies
Defining and Evaluating IT Audit Deficiencies

A Framework for Audit Deficiencies

Types of IT Audit Failures and Illustrative Cases

Use of Compensatory Controls

Ideas for Addressing Segregation of Duties Issues

In Summary

References

About the Authors

Index

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