Audit and management overlap: The extent to which internal auditors rely on IT systems intended for management use. Management of audit function: Organizational relationship between the IT internal audit, the finance audit and other compliance departments. Analytic methods: Degree of technical sophistication of analytical procedures that internal audit performs. Table 1: The Audit Maturity Model Stage 1 Stage 2 Stage 3 Stage 4 Audit Maturity Model Stages Traditional Emerging CA Maturing CA Full Audit Audit Continuous Audit Corresponding Stage in R&D/Innovators Introduction/ Growth/Early Maturity/Late Rogers Model Early Majority Majority Adopters Audit on •Assurance •Effective •Verification •Improvements the control of the in the financial reports quality of quality of data monitoring presented by controls and of a •Creation management operational critical results meta-control structure Audit of by •Traditional •Traditional •Usage •Audit interim and plus some alarms as exception year-end audit key evidence monitoring •Continuous processes control monitoring Data by case •Case •Repeating •Systematic •Complete access basis key monitoring data access is extractions on of processes data •Data •Audit captured during cycles with data warehouse, the process capture production, finance, benchmarking and error history
Audit and management overlap: The extent to which internal auditors rely on IT systems intended for management use. Management of audit function: Organizational relationship between the IT internal audit, the finance audit and other compliance departments. Analytic methods: Degree of technical sophistication of analytical procedures that internal audit performs. Table 1: The Audit Maturity Model Stage 1 Stage 2 Stage 3 Stage 4 Audit Maturity Model Stages Traditional Audit Emerging CA Maturing CA Audit Full Continuous Audit Corresponding Stage in Rogers Model R&D/Innovators Introduction/ Early Adopters Growth/Early Majority Maturity/Late Majority Audit •Assurance on the financial reports presented by management •Effective control monitoring •Verification of the quality of controls and operational results •Improvements in the quality of data •Creation of a critical meta-control structure Audit •Traditional interim and year-end audit •Traditional plus some key monitoring processes •Usage of alarms as evidence •Continuous control monitoring •Audit by exception Data access •Case by case basis •Data is captured during the process •Repeating key extractions on cycles •Systematic monitoring of processes with data capture •Complete data access •Audit data warehouse, production, finance, benchmarking and error history
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