2023 IT Examiner School

Audit Report Review

• Be wary of auditors who rely solely on checklists • Using only regulatory workprograms is not an audit • Absence or lack of workpapers could indicate a poorly performed audit  Especially if there are no workpapers showing how ITGCs were reviewed/tested

Signs of a questionable audit:

Audit Findings Tracking & Resolution

A formal tracking system that assigns responsibility and target date for resolution

Timely and formal status reporting

Tracking and reporting of changes in target dates or proposed corrective actions to the Board or Audit Committee

Process to ensure findings are resolved

Independent validation to assess the effectiveness of corrective measures

Issues & corrective actions from internal audits and independent testing/assessments are formally tracked to ensure procedures and control lapses are resolved in a timely manner.