CONCEPT MAP ON AUDITING IN CIS ENVIRONMENT (RISK-BASED FINANCIAL AUDIT)
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Pre-engagement Considerations
Acceptance of Engagement
IT Audit Process
1. Audit Planning
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Objectives
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Audit techniques in gathering evidence
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Planning the Audit Schedule
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Planning the Process Audit
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Gather information and do initial planning
 Knowledge of business and industry
 Prior year’s audit results
 Recent financial information
 Regulatory statutes
 Inherent risk assessments
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Gain an understanding of the existing internal control structure
 Control environment
 Control procedures
 Detection risk assessment
 Control risk assessment
 Equate total risk
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IT Governance Controls
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Analysis of audit risk
2.
Test of Controls
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Objectives
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Modifying Assumptions
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Five Component of Internal Control
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Manual audit techniques
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Specialized computer audit techniques
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Auditing Operating systems
o Operating System Security
o Malicious and Destructive Programs
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Auditing Networks
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Auditing Electronic Data Interchange (EDI)
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Assessment of the quality of internal controls
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Degree of reliance and how it affects the nature and extent of substantive testing
3.
Substantive Testing
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Computer-Assisted Tools and Techniques
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Management Assertions, Audit Objectives and Audit Procedures
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Auditing the Revenue Cycle
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Auditing the Expenditure Cycle
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Auditing other Financial Statement Accounts
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5.
Audit Report
Post-Engagement Considerations
GRADING SYSTEM
70%- Content
30%- Presentation Style