The evolving role of information technology in internal auditing

M.Com. (Computer Auditing)Modern organizations are increasingly dependent on information technology (IT) for various reasons: to enhance their operational efficiency, reduce costs or even attain a competitive advantage. The role of information technology in the organization continues to evolve and this has an impact for the internal audit functions that serve these organizations. The study investigated whether the King III report, ISACA standards and IIA standards assist the internal audit function in addressing the impact of information technology on the organization and, as a result, the internal audit function itself. This was performed by way of a comprehensive literature study on the internal audit function and the selected standards and corporate governance framework, the role of information technology in both the organization and the internal audit function, as well as an empirical study detailing a comparative analysis of the King III report, ISACA standards and IIA standards, utilizing key success factors. The study identified an alignment of the key principles and elements identified in the King III report, ISACA standards and IIA standards. There was direct support for ITrelated reviews in the King III report, ISACA Standards and IIA Standards. The comparative analysis performed between the King III report and IIA standards, as well as the ISACA standards and the IIA standards resulted in the formulation of key internal audit success factors. These key success factors compared favourably to those identified in the literature review. The study indicated that the King III report, ISACA Standards and IIA Standards assisted the internal audit function by addressing IT related risks, controls and governance elements