Entries by atvfebuiadministrator

Challenges for IT Internal Audit Functions

Technology and the impact of disruption on the Financial Services sector is fast becoming a top priority for organizations alongside regulatory compliance. Financial institutions are feeling the burden of the ever-increasing threat of cyber-attacks, the imperative to innovate to keep pace with maturing FinTech combined with increased focus from regulators on the management of IT, […]

The Growth of Auditing

In the world of finance, auditing serves a critical role in ensuring data accuracy and maintaining procedural integrity. Over the years, auditing has evolved from a limited basis practice to more widespread adoption.   As businesses grew rapidly in the late 18th and early 19th centuries, individual business owners could no longer manage operations themselves. Instead, […]

THE ADAPTED FINANCIAL AUDIT METHODOLOGY

  Adapting the financial audit methodology to the requirements of an innovation audit may prove valuable. The innovation auditing discipline is relatively new and as yet few standards or formal procedures have been defined. The formality of the financial audit process serves in providing guidelines and definitions that may be adapted. A proposed innovation audit […]

AUDIT 4.0

  Traditional manual audits (Audit 1.0) have existed for centuries fulfilling many needs. Although the IT audit (Audit 2.0) emerged in the 1970s, and most all businesses are currently computer based, only about 15% of auditors are IT enabled. This delay of IT adoption can be partially attributed to the conservatism and rigidity of the […]

THE IMPORTANCE OF AUDIT IN FINANCIAL SERVICE

Based on a survey conducted by PwC, the number of financial crimes in the Financial Services sector has increased, despite the increase in the amount of investment on compliance and the tight control of policymakers.   This leads to a need in breakthrough regarding investments in compliance to give more value and to combat financial […]