Audit Knowledge Base

Your FREE resource for Audit information

Audit Knowledge Base

Welcome!

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Auditing PictureWelcome to AuditKnowledgeBase, your FREE resource for audit tips, audit programs, leading practices, and forums that provide live discussions.

The various Audit concentrations, such as Financial Audits, IT Audits, Compliance and Regulatory Audits are all represented by their own categories, available on the left navigation menu. 

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Virtualization - A Brief Overview

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Virtualization IconVirtualization has been a hot topic in the IT space for a few years now, so we will review what that means from an IT Audit perspective.  Odds are that your organization has adopted virtualization or is planning to in the near future.  In this climate of expense reductions, virtualization can allow you to do more with less.  Going virtual can mean:
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What Internal Auditors Must Know About Spreadsheets

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Spreadsheet IconNearly 30 percent of participants in a recent Deloitte webcast said their spreadsheets are not considered as part of their organization's periodic risk assessment process. Yet, installation of effective, auditable controls surrounding critical spreadsheets and their use can have a direct impact on financial reporting and compliance. A carefully structured approach to spreadsheet management can help protect critical spreadsheets. Implementing a controlled environment can be achieved, albeit with challenges, which can be identified more clearly in addressing questions, including:

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The Transition from GAAP to IFRS

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GAAP was created by the Financial Accounting Standards Board (FASB) in 1973. This creation works in accordance with the AICPA’s (American Institute of Certified Public Accountants) Code of Professional Conduct, requiring members to provide financial statements free of unqualified opinions.  In short, GAAP guidelines provide publicly traded and privately held firms

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What is a Penetration Test?

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A Penetration Test (also sometimes referred to as a Vulnerability Assessment or Technical Risk Assessment) involves the process of evaluating a company or entity’s security posture.  Most often, a Penetration Test will combine the use of automated scanning tools and hands-on assessment on the part of the Tester.

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