Vendor Tool Evaluation

The Sarbanes-Oxley Act (SOX) of the U.S. Congress established the PCAOB (Public Company Accounting Oversight Board) in 2002 to oversee Certified Public Accounting (CPA) firms that are engaged to audit or participate in the audit of public companies financial statements.  The PCAOB has since adopted the Generally Accepted Auditing Standards (GAAS) to govern and evaluate the auditor's work when engaged to audit public companies.  GAAS consists of three standards:

• General Standards
• Standard of Fieldwork
• Reporting  Standards

These standards require the auditor to properly plan and perform the audit with due professional care, objectivity, and integrity. 

Reference:  www.pcaobus.org
Reference:  www.aicpa.org

Misleading IT Auditing Tools Vendors Claims: 
Some vendors make the claim that their IT auditing tools and platforms are "SOX compliant."  The notion that a tool or a platform is "SOX compliant" is categorically misleading because auditors use IT auditing tools and platforms to aid in testing, engagement management and evidence gathering during the planning phase and performance of their fieldwork.   

​We evaluate IT auditing tools (FREE OF CHARGE) to determine their relevance and effectiveness for use in the IT audit practice. We determine where in the Framework for Auditing Financial Statements in the CLOUD Ecosystem a specific IT auditing or audit management tool or platform can be used to (a) plan the IT audit engagement (b) manage the audit engagement (c) perform test of controls (d) conduct statistical analysis and (d) gather and report audit evidence.

The Framework for Auditing Financial Statements in the CLOUD Ecosystem was developed in conformity with AICPA SAS 104-111, SOX 404, AICPA SSAE 16 SOC 1, AICPA AT 101 SOC 2, SOC 3, COBIT, COSO, and PCAOB AS5, PCI-DSS standatds.

Tools that are determined to be fit for use are listed under the Certified Tools menu along with a description of the specific utility each tool provides in the audit process. 

Vendors of IT auditing tool and platform are welcome to request  evaluation of their tools and platforms.  Follow this link to  request tool evaluation.

Benefits to IT Auditing Tool Manufacturers: 

1. Tools and platforms are evaluated and certified FREE OF CHARGE.
   
   
2. When a tool or platform is certified for use in the Framework, the tool manufacturer will be notified about the specific area where the tool provides utility in the Framework.
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3. With the tool manufacturer's permission, the tool or platform will be listed on the 'MEMBERS ONLY" Certified Tools web page and a description of its usefulness will be noted.
   
   
4. Tool and platform manufacturers will be given the opportunity to demo their tools during the hands-on training during Course 3 - A Standardized Financial Statement Auditing Framework for the CLOUD Ecosystem: PRACTICAL APPLICATION OF CLOUD AUDITING TOOLS AND PLATFORMS.
   
   
5. Accounting students in college and students that are fresh out of college will become familiar with the relevance and usefulness of auditing tools and platforms.
   
   
6. Becoming familiar with the Framework and the way AICPA SAS 104-111, SOX 404, AICPA SSAE 16 SOC 1, AICPA AT 101 SOC 2, SOC 3, COBIT, COSO, and PCAOB AS5, PCI-DSS standards  are implemented will enable tool manufacturers and software developers to consider enhancing their tools and platforms to meet the prevailing financial auditing standards and regulatory requirements. 
   
   

Our Public Benefit goal is to ensure the fair presentation of financial statements that the public and investors rely on and this is one important step in achieving our goal.

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