Auditing Organizations Through a Strategic-Systems Lens Essay

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Auditing Organizations Through a Strategic-Systems Lens The KPMG Business Measurement Process Timothy B. Bell Frank O. Marrs KPMG LLP Ira Solomon Howard Thomas University of Illinois at Urbana-Champaign Foreword by William R. Kinney, Jr. Copyright 1997 by KPMG LLP, the U.S. member firm of KPMG International, a Swiss association. All rights reserved. This monograph is not intended to constitute an exhaustive coverage of all of the policies and procedures comprising KPMG’s full audit process, and how it comports with generally accepted auditing standards.  Contents Foreword v Preface ix 1 Introduction 1 2 Current Authoritative Guidance 5 About the Need to Understand the Client’s Business and Industry 3 Overview of the Evolution 9 of Auditing Practices 4 Assessing Audit Risk Through a 14 Strategic-Systems Lens 5 The Global Business Environment 25 6 A Proposed Knowledge Acquisition 31 Framework for the Risk-Based Strategic-Systems Audit 7 The KPMG Business Measurement Process 33 8 Business Models, KPIs, 63 Expectations, and Audit Evidence 9 Concluding Comments 71 Appendix 73 References 81 About the Authors 85 Foreword by William R. Kinney, Jr. As the twentieth century comes to a close, information technology has brought dramatic changes to business processes, to business organization, and even to auditing. These changes require major reconsideration of what we know about financial-statement audit technology. This monograph presents the thinking of two leading practitioners and two leading schol- ars on the foundations of auditing technology for the twenty-first century. With changes in information technology, the inherent reliability of informa- tion systems for routine transactions processing is substantially increased, controls over transactions are increasingly embedded in software, and extensive data on nonfinancial dimensions of

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