Keep information secure, and protect confidential or sensitive information.
Confidentiality
Focus on the review and assessment of single or multiple business processes
Operational Audits
Bailiwick of external auditors
Financial statement auditing
Investigate overall infrastructure and networks, technical operations, data center operation, project management, and review security status and procedures
Information System (IT) Audits
Objectives can vary depending on (identify 2)
Type of organization and key performance indicators
Conducted to understand causes and additional background information and research
Investigative Audits
Inefficiencies, waste, rework, or complaints from customers and vendors that may trigger management involvement.
Poor performance
Focus on financial controls as they relate to reporting to internal and external governing bodies
Financial Audits or Review
Could include management reports, organizational structure and the assignment of responsibility and accountabilities.
Infrastructure
The result of internal quality control initiatives that identify anomalies.
Compliance issues
An audit holds both an external situation analysis and a thorough review of internal marketing goals, strategies, capabilities, processes, and systems.
Marketing Audits
It is a standard practice to follow up and evaluate corrective actions, usually within a six month period.
Follow-Up Audits
What is the first step in operational audits?
Establishing the objectives of the audit
Complement the work of operational audits, which includes some form of budget, or a financial review
Internal audits
Depend on a fact-based approach to reach reliable conclusions.
Evidence-Based
Present all results fairly and report significant concerns.
Fair Presentation
Maintain impartiality and keep actions and reporting bias-free.
Independence
The underlying foundation or basic framework of a system or organization and the resources, such as personnel, buildings, or equipment required for an activity.
Infrastructure
Identify two drivers of the objectives in operational/internal audits.
New rules, poor performance, compliance issues, and anomalous revenues/expenses
Use diligence and reasoned judgments in every situation.
Professional Due Care
Review the level of compliance with external regulatory requirements or internal policies
Compliance Audits
Withstand pressures that may be exerted and take care to comply with any legal requirements.
Integrity
Different departments or divisions may run a periodic analysis to assess the adequacy of controls, how well assets are safeguarded, how resources are used, and if there is compliance with applicable laws.
Department Reviews
Figures in the financials appear dubious.
Anomalous revenues or expenses
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