ERP AUDIT Project

SA 315 and SA 330

Requirements
 Audit of XYZ Co
• Constitution of the
Company
• ERP is implemented
• Modules MM, SD,FI
• Internal control –
implementation, Enquiries
• objectives and strategies
• MIS reporting is place
• Ownership, governance,
Reporting Structure
• Communication/Flow of
documents
• Approval/Authorisation
Matrix
•industry, regulatory, and other
external factors
•accounting policies- its business,
consistency
• types of investments - special-
purpose entities
•review of the entity’s financial
performance
•control environment - culture of
honesty and ethical behaviour,
strengths in the control
environment elements
•The entity’s risk assessment
process
 Audit Strategy
Table capturing all the IT systems used
Information Vers Purpose Location Architect Interface In- Outsourced Key Scope
system ion ure program house Activities persons
program
 Audit Strategy
Table capturing all the IT systems used
Link between the works done as per SA 315 & 330
SA 315
Understand the client its industry,
operations and Governance
Structure
Understand the client Risk
Assessment Process, Business & IT
Risk, Significance of the Risks
Understand the Client Information
Systems, Business processes
relevant for Financial Reporting
Under the Client Control
Environment & Internal Control
Frame Work
SA 330
Prepare Audit Plan & Strategy
depending upon partial or Full
automated IT Environment
Design Audit procedures w.r.t. nature,
timing and extent based on assessed
Risks & IT environment
Test of Controls to determine design &
operating effectiveness of Controls
Substantive procedures including test
of details, Substantive Analytical
procedures, Data Analysis etc