Status: Live
The organization will cross check the internal auditor’s evaluation of IT controls and compared it with any evaluations done by examiners. [UCF ID 01158]
Supporting and supported controls
This control directly supports:
- • Review audit report and work papers [UCF Control ID 01146]
There are no supporting controls.
Authority documents complied with:
PCAOB Auditing Standard No. 5, ¶ 57, ¶ 58; FFIEC IT Examination Handbook – Audit, August 2003, Exam Tier I Obj 9.2; FFIEC IT Examination Handbook – Wholesale Payment Systems, July 2004, Pg 32; PCAOB Auditing Standard No. 2, ¶ 41; The King Committee on Corporate Governance, Executive Summary of the King Report 2002, March 2002, ¶ 4.2.5
Sarbanes Oxley Guidance
The auditor should apply the knowledge he/she gained during past audits of the organization to determine the nature, timing, and amount of testing necessary for the current audit. Factors that affect the previous audits include the nature, timing, and extent of procedures; the results of the previous testing of the control; and any changes in the control since the last audit. [¶ 57, ¶ 58, PCAOB Auditing Standard No. 5]
The auditor should obtain an understanding of the results of procedures performed by other auditors. [¶ 41, PCAOB Auditing Standard No. 2]
Banking and Finance Guidance
[Exam Tier I Obj 9.2, FFIEC IT Examination Handbook – Audit, August 2003]
The audit function should be evaluated by the examiners to ensure the auditing activities are comprehensive and effective and the auditor's findings should be reviewed by the examiners. [Pg 32, FFIEC IT Examination Handbook – Wholesale Payment Systems, July 2004]
Other European and African Guidance
The internal audit function should be coordinated with both internal and external assurance providers to minimize duplication and to ensure proper control coverage. [¶ 4.2.5, The King Committee on Corporate Governance, Executive Summary of the King Report 2002, March 2002]
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