2

New Approaches in Internal Audit

• Risk Based Audit• Continuous Audit and Supervision• IT Audit

3

Risk Based AuditRisk based audit becomes applicable based on these reasons;• Resources for audit activities are not enough.• Brand new risks may emerge.• Activities involve relatively different severity levels.

Aim: Transferring Internal Audit Resources to most Risky areas

RISKIdentifyAssess

MeasureMonitor

AUDIT PLAN

Risk Based Audit Concept

4

Continuous Audit and Monitoring

Outcome benefits from IT,

• Continuous supervision of processes,• Immediate audit following the transaction,• Early warning system before the risk is materialized.

5

IT Audit

– Information Systems (IS) provide more effective works with less errors, so it causes more addiction to IS. Important processes flow on IS.

– IT systems are vulnerable to many risks:

• Authentication• Data Integrity/Consistency• Data Confidentiality (Privacy)• Business Continuity

6

Changing Approaches in Audit

TRADITIONAL• Detection• Functional• Including whole• Once• Partial

MODERN Prevention Process based Risk oriented Continuous Integrated