Are Accounting Programs Providing Fundamental IT Control Knowledge?
By Joseph O’Donnell and Jennifer Moore MAY 2005 – Auditors often provide assurance on computerized controls, where electronic transactions are processed without a paper audit trail. Section 404 of the Sarbanes-Oxley Act (SOA) requires auditors to evaluate a company’s internal controls. SAS 94, The Effect of Information Technology on the Auditor’s Consideration of Internal Control in a Financial Statement Audit, emphasizes the importance of IT on internal controls and evidential matter. The pervasive use of systems in organizations and the increased emphasis on assurance of information technology (IT) processes has increased the need for accounting professionals with IT control knowledge and skills. A shortage of well-trained college graduates has led some large accounting firms to cross-train current staff. Some CPA firms have hired individuals with no audit training from other disciplines, such as information systems. The 2000 report of the Public Oversight Board’s Panel on Audit Effe
