- *Internal Audit Job Description (SOX and ITGC)*:
– Conduct risk assessments and evaluate internal controls related to financial reporting (SOX) and IT systems (ITGC).
– Plan and execute audits to assess compliance with Sarbanes-Oxley Act requirements and IT general controls.
– Review and test control activities to ensure effectiveness and efficiency.
– Document audit findings, including control deficiencies and recommendations for improvement.
– Collaborate with management to develop action plans for addressing audit findings and strengthening controls.
– Coordinate with external auditors to support their review of internal controls.
– Stay abreast of regulatory changes, industry standards, and best practices in internal auditing.
– Provide guidance and training to staff regarding audit procedures and methodologies.
– Communicate audit results and recommendations to senior management and audit committees.
- *External Audit Job Description (SOX and ITGC)*:
– Conduct independent assessments of internal controls over financial reporting (SOX) and IT systems (ITGC).
– Plan and execute audit procedures in accordance with professional standards and regulatory requirements.
– Assess the design and operating effectiveness of key controls related to financial reporting and IT processes.
– Perform substantive testing to validate the accuracy and completeness of financial data and IT systems.
– Document audit evidence and findings in accordance with audit documentation standards.
– Communicate audit findings and recommendations to management and audit committees.
– Coordinate with internal auditors to leverage their work and ensure audit efficiency.
– Provide assurance on the reliability of financial statements and the effectiveness of internal controls.
– Stay informed about emerging risks, regulatory changes, and industry trends affecting audit engagements.
– Foster positive relationships with client management and stakeholders while maintaining independence and objectivity.
Both internal and external auditors play crucial roles in providing assurance to stakeholders regarding the reliability of financial reporting and the effectiveness of internal controls, including those related to Sox and ITGC.
