2) Types of Audit-

a) Financial Audit- Examination of a client’s accounting records by an independent certified public accountant to formulate an AUDIT OPINION. The auditor must follow GENERALLY ACCEPTED AUDITING PROCEDURES (GAAP).Source documents are examined to substantiate legitimacy of transactions. A careful evaluation of INTERNAL CONTROL is necessary.

b) Internal Audit- Investigation of the company’s procedures and operations by the INTERNAL AUDITOR to assure that they conform to corporate policy.

c) Management Audit- Evaluation of management’s efficiency.

d) Compliance Audit- Ascertainment of the firm’s compliance with specified rules and regulations.

3) Audit Committee- A Body formed by a company’s board of directors to oversee audit operations and circumstances. It selects and appraises the performance of the CPA firm. In accordance with SECURITIES AND EXCHANGE COMMISSION (SEC) regulation, the committee must be composed of outside directors. Besides evaluating external audit reports, the Committee may evaluate internal audit reports as well. Management representation under the realm of the FOREIGN CORRUPT PRACTICES ACT are also reviewed. The Committee may also get involved with public disclosure of corporate activities.

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Following are some of the questions that were asked by interviewers for IT Auditor positions.

Position Interviewed- “Principle IT Auditor”

Experience Required – 6 Years

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1. Tell us about your educational background and experience, focusing on that which is most relevant to our position.

2. Discuss a recent project or projects that best demonstrates your effectiveness as an IT Auditor, including the project objective, your role, your relationship with your customer, tools and/or frameworks applied, findings, outcomes, etc. Talk about an audit of general controls, as well as an audit of application controls.

3. Discuss your experience in developing and implementing an IT Risk assessment process, and developing and conducting an IT audit plan.  What challenges did you encounter, who did you work with.  How would you approach this in a new organization?

4. Have you conducted an audit of a large financial system and/or human resources system implementation.  What software was being installed?  What did your audit focus on, what were the findings? AND/OR Discuss the most complex IT issue you’ve dealt with.  What was the issue, what was your role in identifying and resolving the issue?

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