Simon Kopacz Mon Mar 4 01 31 pm CST Based on what you have learned about auditors, list and describe the three groups of people that conduct audits Internal Auditors Employed by the company to provide independent and objective evaluations of financial and operational business activities, including corporate Often employed by the company, but the company can hire a third party to perform the internal audit External Auditors An objective, independent, third party review of the controls and reporting procedures of a public or private company An increase in compliance frameworks require the company to hire certified third parties to certify company compliance Regulators Regulatory auditors are external auditors that review controls when there has been a breach or if there are issues in a company What is the purpose of the audits that each of the groups conduct IT audits To examine and evaluate an organization's information technology infrastructure, policies, and operations To assess the presence and effectiveness of IT controls and ensure compliance with company policies To test specific controls Financial audits To assess the financial position and health of an organization Operational audits To evaluate the policies, procedures, and operational controls across different departments to ensure adequate procedures Investigative audits To review records and procedures based on suspicious activity or alleged violations PCI DSS audits To ensure compliance with security standards covering the processing of credit or debit card payments CMMC audits To assess cybersecurity implementation across the defense industrial base Regulatory audits To review controls when there has been a breach or if there are issues in a company To whom does each group report Internal and external auditors report back to the public or private company that hired them, and regulatory auditors report to a regulatory agency or governing body What are the consequences of the findings for each group Audit Failure the results can be harmful to both the company and the auditor There are lots of possible consequences, including the following Financial losses Replies due on Friday of Week 1 Respond to at least one of your classmates Do you agree with each of their answers Why or why not Which type of auditor appeals to you most Why i need help with a reply for Simon

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Posted on May 18, 2024

Simon Kopacz

Mon Mar 4 @ 01:31 pm CST

Based on what you have learned about auditors, list and describe the three groups of people that conduct audits.

Internal Auditors

Employed by the company to provide independent and objective evaluations of financial and operational business activities, including corporate.
Often employed by the company, but the company can hire a third party to perform the internal audit.

External Auditors

An objective, independent, third-party review of the controls and reporting procedures of a public or private company.
An increase in compliance frameworks require the company to hire certified third parties to certify company compliance.

Regulators

Regulatory auditors are external auditors that review controls when there has been a breach or if there are issues in a company.

What is the purpose of the audits that each of the groups conduct?

IT audits:

To examine and evaluate an organization's information technology infrastructure, policies, and operations.
To assess the presence and effectiveness of IT controls and ensure compliance with company policies.
To test specific controls.

Financial audits:

Operational audits:

To evaluate the policies, procedures, and operational controls across different departments to ensure adequate procedures.

Investigative audits:

To review records and procedures based on suspicious activity or alleged violations.

PCI DSS audits:

To ensure compliance with security standards covering the processing of credit or debit card payments.

CMMC audits:

Regulatory audits:

To review controls when there has been a breach or if there are issues in a company.

To whom does each group report?

Internal and external auditors report back to the public or private company that hired them, and regulatory auditors report to a regulatory agency or governing body.

What are the consequences of the findings for each group?

Audit Failure: the results can be harmful to both the company and the auditor. There are lots of possible consequences, including the following: Financial losses.

Replies - due on Friday of Week 1:
1. Respond to at least one of your classmates.
  1. Do you agree with each of their answers? Why or why not?
  2. Which type of auditor appeals to you most? Why?

i need help with a reply for Simon