In your response, choose . What information presented in the posts do you find most interesting? After reviewing the article link they have provided, address one of the following:
- If they presented an article related to trends, how do you think the trend will impact external auditing in the future?
- If they presented an article related to an audit failure, do you agree or disagree with how the failure could have been avoided? What other suggestions do you have related to avoiding the failure?
ARTICLE TO READ AS AND WRITE ON AS FOLLOWS:
Hard to believe we are at the last discussion post already. This was my first graduate class and it was a bit of a struggle, but I did learn a great deal. Coincidently while I was taking this class my company, Community Care, was undergoing our yearly financial audit. So when I wasn’t reading about audits I was getting all the files and schedules needed for our auditors to be able to perform their work. It was quite an experience.
I found an article that talked about the challenges that face companies that need to have an IT audit. I think this will become a more common occurrence as we depend more and more on computers to house our financial transactions.
One of the trends this article talks about is the need for secure and verifiable data exchange between companies – and between a company and auditors. The ease at which data can be manipulated or corrupted during a transfer is high so there needs to be some controls over the transaction. One of the panelists, Donny Shimamoto – Managing director at IntrapriseTechKnologies and former chair of the AICPA IMTA executive committee, discussed a way to exchange data for the use of auditors and specialists and when they were done verifying and auditing the data the auditors would be able to send back a file – that had the audited information with a level of assurance. This way the company could dispense the summary data file like they would audited financial statements (Dzuranin, 2016).
I am excited about this idea because it takes financial electronic transactions – lets them be audited electronically and then returned to the company in a useable format that is secure, in a summary form, and has an auditors stamp of assurance.
Here is the link to the article I found however, I tried clicking on the link and it did not take me to the article. I also printed it and have attached a pdf of the article to this discussion post with the sections I am referring to highlighted.
I hope you find the information as interesting as I did. And I hope everyone have a very good last week of class.