A Closer Look at Audit Standard No. 5
In this presentation to Boomer Technology Circle #1 members on August 13th, David Barton, CISA, Senior Manager of the Technology Assurance and Advisory Services Department of UHY Advisors, Inc. discusses how Audit Standard No. 5 impacts the industry, particularly as it pertains to a risk based approach in the examination of IT systems.
In this case study he describes what has (and has not) changed, why it’s important to involve knowledgeable IT personnel in the planning stages of the audit, the process and tool developed by UHY, what they learned and how firms can benefit from the new standard.
The Public Company Accounting Oversight Board (PCAOB) announced in July of 2007 that Audit Standard No. 5 had been approved by the Securities Exchange Commission (SEC) and would replace Audit Standard No. 2. According to the PCAOB web site, “registered audit firms are required to use the new standard for all audits of internal control no later than for fiscal years ending on or after November 15, 2007.”
Watch a free preview
