Credit crunch and IT audit

#1

Hi guys,

Does anyone want to share any insight about how credit crunch and the following recession will affect IT audit work? That would be really helpful!

Thanks and merry Christmas!

jiajia

#2

There are two aspects to this:

Firstly the credit crunch will no doubt be followed by increased legislation to prevent this from happening (e.g. introduction of SOX after Enron). There will be more risk controls needing to be tested by IT auditors, and so it could be said IT Audit will benefit from this economic crisis as the volume of work will increase.

Secondly (as I assume this is for an interview?) you could also mention the need to “add value” to the services provided, as companies will have less money to spend on the IT consultancy side of the business.

Hope this helps!