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?

#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?

Diverse need:• Public Accounting• Government• Industry

Manufacturing Software Development Retail

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.

Why IT Assurance?

#3 Demonstrates your value… sets you apart from:

• Non IT CPAs

• Non CPA IT Professionals

Why IT Assurance?

Why IT Assurance?

#4 It Pays*

51,750

83,250

44,500 69,7500

15,00030,00045,00060,00075,00090,000

Junior Senior

Starting Salaries

IT Audit

Audit

* (per Robert Half 2011 Salary Guide)

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

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

IT Assurance Professionals

• Are CPAs • Demonstrate solid

understanding of IT systems and controls

• Hold additional credential(s)

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

The CITP CredentialWhile 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 Management2. Fraud Considerations3. Internal Control and IT General

Controls4. Evaluate, Test, and Report (Attest

Functions)5. Information Management and

Business Intelligence

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

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

CITP Body of Knowledge

• Information Management and Business Intelligence– Ensure that the information

provides value for meeting goals, objectives, and decision making

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

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

Why IT Assurance?

#5 A great way to begin your career!

Set yourself apart from the rest of your graduating class

• Questions / Comments

• Additional information www.aicpa.orgAICPA’s CITP Holder’s Group – LinkedIn