In a riveting conversation at the GAM conference 2024 in Vegas, Lior Mistriel, a Partner at PwC Israel with over 17 years of experience specializing in IT audit, and Eli Edry, the CEO and Founder of AudITech, came together to discuss the transformative impact of automation on ITGC auditing. Watch the full conversation here! Embracing Automation: A Paradigm Shift in ITGC Lior kicked off the conversation by delving into the current landscape of IT auditing. Despite automation revolutionizing various industries, the finance sector seems to lag behind. Bookkeepers still engage in manual reconcili ..read more

Audit evidence is the foundation of an effective financial audit, giving the basis to an auditor’s perspective on an organization’s financial statements. Auditors progressively depend on information technology and electronic information to fulfill their obligations in an ever-developing technology landscape. The Public Company Accounting Oversight Board (PCAOB) has proposed amendments to its guidelines to address the difficulties presented by technology-assisted examination and guarantee audit evidence’s reliability. Navigating the Digital Terrain: Ensuring Integrity in Audit Evidence Audit e ..read more

Audit quality and transparency are fundamental components in guaranteeing the reliability of monetary data for organizations, investors, and stakeholders. As technology quickly progresses, auditors have incorporated technology-assisted examination into their audit systems to further develop productivity and adequacy. We would know, as this is the core of what AudITech offers our clients: IT audit automation. The Public Company Accounting Oversight Board (PCAOB) has proposed amendments to audit principles to address the developing landscape of assessment practices, considering their financial e ..read more

All you need to know in 10 simple steps When implementing Internal Controls as part of SOX compliance readiness, taking risk with ITGC just isn’t something companies can afford to gamble on. That’s why we created this ITGC guide for SOX compliance. We’ll explore step-by-step how compliance stakeholders of newly-listed companies can become the SOX leaders advocating for continual ITGC monitoring. If you’re new in your compliance role, or have just joined a newly-listed company, it’s natural to have unanswered questions about ITGC. In 2021 alone, there were almost 1000 newly-listed public compan ..read more

If there’s one thing that makes SOX compliance officers smile, it’s effective IT general controls. However, the way towards ITGC compliance means months of multi-stakeholder meetings, IT department interventions, and expensive, specialist man-hours. The complexity and likelihood of human errors involved in manual ITGC monitoring keep the risks that these controls aim to eliminate well in place.  How Does a Typical Organization Currently Audit ITGC? A typical ITGC audit preparedness process goes something like this: 1. Management teams discover the need to create IT General Controls, as pa ..read more

What do IT General Controls (ITGC) and SOX compliance readiness bring to mind? Does your company treat IT General Controls as a project or process? The Problem of Pop-Up SOX Compliance Projects Many enterprises and newly-listed companies move quickly with unexpected ITGC and SOX compliance projects to meet emerging requirements. After heavy IT interventions, costly multi-stakeholder coordination, and trial-and-error bottlenecks, an internal IT audit is finally complete, the auditor’s opinion on internal control over financial reporting  is gained and the compliance project is temporarily ..read more

Audit quality and transparency are fundamental components in guaranteeing the reliability of monetary data for organizations, investors, and stakeholders. As technology quickly progresses, auditors have incorporated technology-assisted examination into their audit systems to further develop productivity and adequacy. We would know, as this is the core of what AudITech offers our clients: IT audit automation. The Public Company Accounting Oversight Board (PCAOB) has proposed amendments to audit principles to address the developing landscape of assessment practices, considering their financial e ..read more

Compared with traditional initial public offerings (IPO), special purpose acquisitions companies (SPACs) have rocketed in popularity in recent years as a faster route to going public. According to Grant Thornton’s research, SPACs raised more than $26 billion in investment capital in January 2021 alone. After going public, the SPAC (created for acquisition as a legal entity with no commercial operations) must seek a suitable target to acquire. Once the SPACs have taken over the privately-held company, the SPAC entity fulfilled its purpose. Despite their utility in simplifying the process of ..read more

Professionals and publicly listed companies facing new Sarbanes-Oxley Act requirements (SOX act) may be familiar with the basics of emerging SOX obligations. Getting to know SOX reporting duties in great detail requires deep background reading and a 2nd opinion from people in-the-know. Here we hope to condense the key points around ‘what is SOX reporting?’ and why it’s super important for new CFOs and CEOs especially. The Sarbanes-Oxley Act, Section 302 and SOX Reporting If you’re researching SOX reporting then you’ve likely achieved at least the basic grasp of why the Sarbanes-Oxley Act passe ..read more

As part of your overall corporate governance and SOX compliance objectives, designing, implementing and monitoring robust IT General Controls (ITGC) are key factors. Once your ITGC standards have been comprehensively implemented, your internal audit serves as a measure of their effectiveness for ensuring the integrity of your financial and accounting information. What We’ll Cover In This Guide to ITGC for SOX Compliance In this 7-minute guide to ITGC for SOX compliance you’ll learn the process for creating robust ITGC standards that external auditors will smile about. Here’s what we’ll cover ..read more