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.

1. 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