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Audit Types

In: Business and Management

Submitted By matherly80
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Types of Audits Each business process at Kudler Fine Foods has unique transactions and qualities. Therefore, a unique type of audit is required to meet specific circumstances for each process. The four main types of IT audits are attestation, findings and recommendations, Statement on
Auditing Standards (SAS) 70 audit, and SAS 94 audit.
Attestation
An attestation is an agreed upon procedures audit. It requires the auditor to provide assurance on a specific subject matter and a conclusion on reliability. The auditor may make an assertion regarding an organization’s compliance with specific standards or requirements. The steps of an attestation audit are as follows: 1) a client makes an assertion, 2) the auditor examines and analyzes the client’s performance according to the agreed terms, and 3) the auditor reports the findings, or lack thereof, to the client (Hunton, Bryant, & Bagranoff, 2004).
Findings and Recommendations A findings and recommendations review is generally considered as consulting or advisory services. A findings and recommendations review is often confused with an attestation. However, the auditor does not produce an opinion from this type of audit. Instead, the auditor provides a summary of the work performed in connection with the agreement. Common examples of findings and recommendations audits include system implementations, security reviews, IT improvement reviews, and project management. During a findings and recommendations review, the client gains broad and general advice.

SAS 70 The SAS 70 audit became necessary because of a growing reliance on technology through e-commerce or outsourcing services. User organizations hire outside service providers to perform certain computer services such as payroll and accounting. Therefore, the user organization may want assurance as to the controls in place at the…...

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