Only do Paragraph 5 and Paragraph 7 with reference Introduction: Begin discussion on the Direction of Audit in the Information Age (Peter) Paragraph 1: Initial interview with Mark Peterson. Talk about who he is, his background and what
was discussed. (Peter) Paragraph 2: Introduction to continuous auditing and continuous monitoring. (Jacob) Paragraph 3: Benefits and uses of continuous auditing and continuous monitoring.(Jacob) Paragraph 4: Implementation of continuous auditing and continuous monitoring. (Peter) Paragraph 5: Role of IT in shaping the responsibilities of internal auditors and they value
they add(?) Paragraph 6: Impact of the client’s IT on internal controls, COSO, audits, risks, fees and
timing (and how SOX has influenced/accelerated this area). (Tong)
Regarding to IT risks, break down five categories:
· Security · Availability · Processing integrity · Online privacy · Confidentiality IT control guideline: COBIT extensive framework, was addressed by AICPA Accounting Internal control system: COSO
· authorization · segregation of duties · adequate records and documents · security of asset · reconciliation In order to maintain accounting internal control, there are three approaches:
· Preventive control · Detective control · Corrective control SOX was signed into law on July 30, 2002, it applies to public companies and the auditors of
public companies. The purpose is improving financial reporting and reinforcing corporate ethics
issues.
SOX and SEC rules are that prohibit nine nonaudit services are provided by auditors. Paragraph 7: Developing tomorrow’s auditor, a look at the future of auditing and the
responsibilities of (external) auditors.
Reference: Go to lib.utah.edu then click on research database, click on B,
go to business Source Premier at the bottom, and type in Developing
Tomorrow’s Auditor. Link:
http://web.a.ebscohost.com.ezproxy.lib.utah.edu/ehost/detail/detail?vid=3&sid=0dd4049f6ab1-45f8-a05069923619c2a7%40sessionmgr4008&hid=4104&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d
%3d#AN=120220706&db=buh Paragraph 8: Myth and Fear of the evolving role of IT and replacing auditors. (Darrian) Paragraph 9: Development of artificial intelligence and the accounting world. (Darrian) (Other possibilities: when it may be necessary to bring in a consultant) Conclusion: Summarize findings and conclude discussion on the Direction of Audit in the
Information Age (Tong) Internal control structure of the organization: lessen the opportunity of errors and fraud
behaviors
· Enterprise risk management · A code of the ethics ·
Accounting internal control: COSO (tune at top) challenge of managing risks in the
organization
·
IT control: general control and application control, in order to obtain accurate and
complete financial data in accounting system;
·
Corporate governance:an organization should has proper process, internal control, and
ethics guideline, as well as financial stewardship;
·
IT governance: IT system should be implemented to support attainment of the business
objectives Overall, the paramount importance of our discussion on the Direction of Audit in the
Information Age, an organization should operate internal control effectively for which mitigate
information risks, and ensure to provide reasonable assurance that the financial statements are
free of material misstatements to external.

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