ipl-logo

MGT 2224 Week 1: Evaluating The Overall Financial Statement

570 Words3 Pages

MGT 2224

Week 1 Reflection Paper

Professor: Simon Tang
Student: Yili (Julia) Zhu
July 1st, 2023

During the first week of studying MGT 2224 Information Technology and IT Audit, I felt I was embarking on a captivating journey to the field of IT auditing. With my bags packed and classmates with me, I awaited to explore the whole audit universe. My 4-year undergraduate accounting study experience equipped me with knowledge of financial auditing. Throughout these years, I developed an understanding of examining evidence supporting the amounts and disclosures in the financial statements as well as evaluating the overall financial statement presentation. However, due to my limited academic background in IT, I only have a vague understanding …show more content…

Besides, the audit phases, from the initial risk assessment phase to the risk response phase and ultimately the reporting phase, are shared by both financial auditors and IT auditors.
Nevertheless, IT auditing and financial auditing are different in there objectives. IT auditing is a business tool that helps a company's top management ensure that information systems, controls and mechanisms are functional, adequate and in compliance with information technology auditing standards1. It helps to prevent the potential risks associated with computer fraud and data theft, while also implementing control procedures within IT systems. On the other hand, financial auditing serves as a crucial business practice which provides solutions to ensure financial activities and information, including financial statements, adhere to professional standards such as GAAP. Interestingly, financial auditors could oversee IT auditors to generate audit reports for internal business purposes. This collaboration between the two teams contributes to enhancing organizational processes and facilitating the achievement of the company's goals and objectives. This newfound knowledge has expanded my understanding as well. Initially, I perceived IT audit and financial audit as parallel disciplines with little collaboration or intersection. However, after attending the first class, I realized the significant impact and value that IT auditors can bring to the auditing process. The support and expertise provided by IT auditors have the potential to enhance audit outcomes, leading to improved management of the organization. This revelation highlights the importance of recognizing the synergies between IT audit and financial audit, and the potential benefits that arise from their

Show More
Related

Pension Plans: GASB Vs. FASB

740 Words | 3 Pages

The purpose is “to develop, implement, and establish standards for accounting and financial reporting activities are accurate and reliable, and the resulting financial reports are as accurate and beneficial to the end users.” The end users that are discussed in the purpose are the outside users of the financial statements. Outsider users are……

Read More

Ggb 515 Task 1

789 Words | 4 Pages

A financial audit is an independent, objective evaluation of an organization 's financial reports and financial reporting processes. The primary purpose for financial audits is to give stakeholders reasonable assurance that financial statements are accurate and complete. Most internal audits are not adding value. One reason is that “ongoing compliance burdens and pressure to do more with less” is contributing to the decline in perceived internal audit value.

Read More

Jersey Johnnie Surfboard Audit Case Paper

884 Words | 4 Pages

Computer-assisted audit techniques may be useful in identifying unusual or unexpected revenue relationships or transactions. The auditor should also confirm with the company’s customer certain relevant contract terms and the absence of side agreements, because the appropriate accounting often is influenced by such terms or agreements. The auditor confirmed with the management about the influence and participation of another entity’s employees, but he or she should make further inquiries of the entity’s sales and marketing personnel or in-house legal counsel regarding sales or shipments before and after December 31, 2010 and their knowledge of any unusual terms or conditions associated with these transactions. Also, the auditor could observe goods being shipped or being readied for shipment (or returns awaiting processing), and perform other appropriate sales and inventory cutoff

Read More

Est1 Task 1

632 Words | 3 Pages

Entire work needed be directive and the evidence is needed to be open, steady and trustworthy. The evidence is going to help to understand in deepness how it is to approach its events in the coming days; how can it organise future cash flows, this is going to give highpoint the company’s financial stage. These are all crucial sides the company is looking up on showing the statements and are alert that all the records collected must be correct. The shareholders, managers and accountants will trust on this evidence to make proper protections for the coming

Read More

SAS 115 Week 2 Essay

494 Words | 2 Pages

This memorandum highlights significant portions of Statement on Auditing Standards (SAS) No. 115 Communication of Internal Control Related Matters Identified in an Audit and answers some questions frequently asked by accountants about SAS 115 ("The American Institute Of Certified Public Accountants", 2015). SAS 115 Highlights Here are some highlights of SAS 115. Applicability (SAS 115, 2015, para. 01). Definitions. A material weakness (SAS 115, 2015, para. 06).

Read More

Unit 2 Operating Systems P2

566 Words | 3 Pages

It allows the user to interact with the computer in a sophisticated way such as managing files.

Read More

Protiviti Case Study Examples

1164 Words | 5 Pages

An IT audit is the examination and evaluation of an organization's information technology infrastructure, policies and operations. Information technology audits determine whether IT controls protect corporate assets, ensure data integrity and are aligned with the business's overall goals. 1.2.2 Objectives IT audit objectives concentrate on substantiating that the internal controls exist and are functioning as expected to minimize business risk. These audit objectives include assuring compliance with legal and regulatory requirements, as well as the confidentiality, integrity, and availability.

Read More

Quickbooks, Sage One And Xero Accounting Online

1639 Words | 7 Pages

INTRODUCTION In today’s business world, accountants are expected to provide many financial services for small and big companies. Traditionally, you would expect an accountant to manage a company’s books, compile and file their taxes, and prepare financial statements. Software has been developed to improve the efficiency and effectiveness of those activities. While the services accountants provide are vital to a company’s well-being and survival, they come with a pretty hefty price tag.

Read More

The US Economy In The 1920s-1960's

302 Words | 2 Pages

The growth of the US economy in the 1920s-1960s had caused a shift of auditing development from the UK to the USA. In the years of recovery after 1929, investment in business entities grew rapidly. As companies grew in size, the separation of the ownership and management functions became more evident. Hence to ensure that funds continued to flow from investors to companies, and the financial markets function smoothly, there is a need to convince the participants in the financial markets that the company’s financial statement provided a true and fair portrayal of the relevant company’s financial position and performance. The primary objective of an audit was mainly to provide credibility to the financial statements prepared by company managers

Read More

What Alternatives Are Available To Brent In Regards To The Audit Of Payables?

1697 Words | 7 Pages

These pros will result in a satisfied client and supervisor. And it will also secure future business and loyalty of the client. Furthermore, the auditing team will get recognition for getting the work done under budgetary and time

Read More

Arizona State University Application Essay

534 Words | 3 Pages

Although one can never reach to the point of knowing everything that there is, I do believe that pursing a Master degree in Computer Engineering will surely further my understanding of this amazing

Read More

LS Master Personal Statement

2215 Words | 9 Pages

SILS Master's Comprehensive Exam Spring 2024 The transition from Accounting to Information represents both a challenge and an opportunity for professionals like me. As I delve deeper into this transformative journey, I have come to recognize the pivotal role of big data technology in reshaping industries and driving innovation. My background in accounting provides me with a unique perspective on the intersection of traditional business practices with emerging technologies.

Read More

Should The FBI And CIA Use Cell Phones To Receive Personal Information?

2031 Words | 9 Pages

The study of information and communication technology changed rapidly more than other fields. This change was because of the development of technology, both in enabling advances in information technology (IT) and in new methods for software development that take advantage

Read More

The Importance Of Accounting Memo

1616 Words | 7 Pages

Analysis • This section is regarded as the most critical step in writing an effective accounting memo by bringing together the required facts of the research, any supporting authoritative literature, and an accountants overall evaluation before forming a conclusion. • Analysis includes information from relevant guidance, along with an accountant’s own words about how the guidance is applicable. • The memo should contain enough authoritative guidance that the user will not need to perform additional research in the Codification. • Make sure to utilize the concept known as the “guidance sandwich.”

Read More

Essay: Why I Chose To Study Accounting

894 Words | 4 Pages

As a member of credit team, I assisted the team to work on annual report audit for Agricultural Bank of China. Because of my good communication ability, and learning capacity, I was assigned to take charge of challenge tasks, such as reorganizing contents of audit working paper, and dealing with tough clients, which were out of the scope of an intern 's duty. But this job was rewarding and immensely instructive. I gained the familiarity with audit procedures from an operational level, and grasped a deep understanding of commercial bank 's operational process and business policy. Meanwhile, I was determined to take joining PwC as my first career objective after the graduation

Read More

More about MGT 2224 Week 1: Evaluating The Overall Financial Statement

Related Topics

Open Document