ACCA AA Syllabus C. Internal Control - IT & Financial assignments - Notes 6 / 8
Information Technology
The internal audit function of an organisation may well have an IT specialist in the team.
The main function of internal audit in the area of IT will be to assess the controls in place.
Other functions will be to ensure that the systems in place represent value for money and also to ensure effective controls over the awarding of IT contracts.
Financial Assignments
The role of IA here is to make sure the information required for management and external accounts are reliable and produced timely.
Financial internal audit work echoes the work of the external auditor. Checks will be made of record keeping and implementation of financial procedures
The main concentration will be on preventing fraud and error.
It can also look to design controls which help identify inflation, interest rate and currency risks