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IT Assurance A fantastic career choice!

IT Assurance A fantastic career choice!. Presented by the PICPA’s IT Assurance Committee. What is “IT Assurance”?. A specialized branch of auditing that combines the CPA’s audit skills and understanding of IT systems to provide audit and consulting services. Why IT Assurance?.

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IT Assurance A fantastic career choice!

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  1. IT Assurance A fantastic career choice! Presented by the PICPA’s IT Assurance Committee

  2. What is “IT Assurance”? A specialized branch of auditing that combines the CPA’s audit skills and understanding of IT systems to provide audit and consulting services.

  3. Why IT Assurance?

  4. Why IT Assurance? #1 A growth opportunity! Businesses are just beginning to realize the potential of technology to: • manage and transform operations • improve and streamline financial reporting processes • reduce risks affecting financial and non financial data • improve the quality of data used by management to make decisions

  5. Why IT Assurance? Diverse need: • Public Accounting • Government • Industry • Manufacturing • Software Development • Retail

  6. Why IT Assurance? #2 Stay ahead of the curve! In the future, auditors will be required to possess a solid understanding of IT assurance. Take the opportunity now to become IT assurance experts and be on the cutting edge of the future of the profession.

  7. Why IT Assurance? #3 Demonstrates your value… sets you apart from: • Non IT CPAs • Non CPA IT Professionals

  8. Why IT Assurance? #4 It Pays* * (per Robert Half 2011 Salary Guide)

  9. IT Assurance Professionals • Address the technology related aspects of a financial statement audit • Perform different types of assurance services • Provide consultation services with respect to information management and business process improvement

  10. IT Assurance Project Examples • Internal control consulting and auditing • Audit IT systems controls over confidentiality, data integrity, and system availability • Information security consulting and auditing (firewalls, backups, storage, etc.) • IT Governance Consulting • Fraud and Litigation Services

  11. IT Assurance Professionals • Are CPAs • Demonstrate solid understanding of IT systems and controls • Hold additional credential(s)

  12. What is a CITP?(Certified Information Technology Professional) • Serves as the "bridge" between business and technology leveraging the CPA's strategic and general business skills • Focuses on information assurance and management services, making a CPA among the most trusted business advisor

  13. The CITP Credential While there are a number of credentials for IT professionals, only one requires that the professional is a CPA… the CITP. All CITP professionals should have an understanding of the knowledge and skills relating to the 5 areas in the CITP’s Body of Knowledge: Risk Management Fraud Considerations Internal Control and IT General Controls Evaluate, Test, and Report (Attest Functions) Information Management and Business Intelligence

  14. CITP Body of Knowledge • Risk assessment • Initial evaluation of risks that may impact the possibility of a material misstatement or the vulnerability of an organization’s assets with initial assumptions, research, and uncertainties • Fraud consideration • Consideration of the risks of material misstatement due to fraud and determining unique IT procedures to detect fraud

  15. CITP Body of Knowledge • Internal Control and IT General Controls • Provide reasonable assurance regarding the reliability of the financial statements • Understand the design and implementation of systems used to secure financial information • Evaluate, Test and Report • Design and execute auditing techniques that will asses control processes in order to provide assurance on the auditability of information

  16. CITP Body of Knowledge • Information Management and Business Intelligence • Ensure that the information provides value for meeting goals, objectives, and decision making

  17. Benefits of becoming a CITP • Enhances the practitioner's image as a competent, trustworthy financial expert • Promotes a greater level of confidence for clients and employers • Demonstrates commitment to continuously improving IT accounting skills and expertise, resulting in increased professional competency • Distinguishes your practice with the powerful combination of a CPA certificate and a CITP credential

  18. CITP Requirements • Maintain an AICPA membership in good standing • Have at least five years of experience in practicing accounting • Minimum requirements in relevant experience and education • Minimum of 1,000 hours of business experience in information assurance and management services • 75 hours of financial information assurance and management accounting related continuing professional education • Hold a valid and unrevoked CPA certificate or license issued by a legally constituted state authority • Pass the CITP examination

  19. Why IT Assurance? #5 A great way to begin your career! Set yourself apart from the rest of your graduating class

  20. Questions / Comments • Additional information www.aicpa.org AICPA’s CITP Holder’s Group – LinkedIn

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