The document discusses new approaches to internal audit, including risk-based audit, continuous audit and monitoring, and IT audit. Risk-based audit focuses resources on the most risky areas by identifying, assessing, measuring, and monitoring risks. Continuous audit allows for constant supervision of processes, immediate auditing after transactions, and early warning of risks. IT audit is important because companies rely heavily on information systems that are vulnerable to risks like authentication, data integrity, privacy, and business continuity issues. The document also contrasts traditional audit approaches like detection and being function/partial with modern approaches focused on prevention, being process-based, risk-oriented, continuous and integrated.

2. New Approaches in Internal Audit
• Risk Based Audit
• Continuous Audit and Supervision
• IT Audit
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3. Risk Based Audit
Risk based audit becomes applicable based on these reasons;
• Resources for audit activities are not enough.
• Brand new risks may emerge.
• Activities involve relatively different severity levels.
Identify
Assess
Measure
Monitor
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RISK
Aim: Transferring Internal Audit Resources
to most Risky areas
AUDIT PLAN
Risk Based Audit Concept

4. Continuous Audit and Monitoring
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Outcome benefits from IT,
• Continuous supervision of processes,
• Immediate audit following the transaction,
• Early warning system before the risk is materialized.

5. IT Audit
– Information Systems (IS) provide more effective works with less errors, so
it causes more addiction to IS. Important processes flow on IS.
– IT systems are vulnerable to many risks:
• Authentication
• Data Integrity/Consistency
• Data Confidentiality (Privacy)
• Business Continuity
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6. Changing Approaches in Audit
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TRADITIONAL
• Detection
• Functional
• Including whole
• Once
• Partial
MODERN
 Prevention
 Process based
 Risk oriented
 Continuous
 Integrated