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

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Presentation on theme: "IT Assurance A fantastic career choice! Presented by the PICPA’s IT Assurance Committee."— Presentation transcript:

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 #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 Why IT Assurance?

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

6 #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. Why IT Assurance?

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

8 #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: 1.Risk Management 2.Fraud Considerations 3.Internal Control and IT General Controls 4.Evaluate, Test, and Report (Attest Functions) 5.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 AICPA’s CITP Holder’s Group – LinkedIn


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