Controls, Approach & IT Audit Judgment: A Case

Abstract

The goal of this paper is to reach out to the practitioners, and add the practical suggestions and a model audit program to perform the audit of electronic funds transfers (Keller, 2001; Prideaux, 1999). This goal is achieved in this paper through a comprehensive discussion on the conceptual aspects of internal controls (Fulkerson et al, 2002; Locatelli, 2002) with the identification and examination of information technology (IT) audit approach vis-a-vis IT audit judgment or decision-making during the course of audit. We, the IT audit practitioners and educators need to expand our skill set and knowledge-base to not only cope with the current changes but also the future challenges. Integration of applications (Opie, 2002a; 2002b; Bartheaud, 2002) and the enterprise-wide information systems integration are key trends for future and is surely going to impact the entire set of knowledge, skills, methods, algorithms, and strategies of IT auditors. A comprehensive program instruction set is provided in the case segment for the auditors to perform the audit of online fund transfers amongst the entities and in between individuals and entities.