Auditors have long suffered unease forming conclusions related to information technology controls. They have no standards or principles to guide them, no clear way to match IT controls to the objectives of Sarbanes-Oxley or myriad other requirements for internal controls, and no way to ensure consistency from year to year or company to company.
The Institute of Internal Auditors has taken a big first step toward generally accepted IT principles, or GAIT, with a proposed set of guidance principles on scoping the IT controls area of financial reporting.
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