[Anonymous]

Let’s say someone is interested in financial audits. Let’s say the aforementioned someone is also interested in IT audits. Let’s say that this someone enjoys both equally, and wants to do both. I imagine with the sheer number of people employed at the big 4, most employees will have to find a specialty, whether it be specializing in a certain industry, IFRS, SAP, IT, or what have you. Is there room in the big 4 for someone with multiple interests and/or talents? Or would one need to choose a primary interest and stick with it? Any insight is appreciated!

[acamp]

At the firm I work for, you'll have to pick one or the other–but rotations are also available.

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[Mayo]

When I left EY there was a Data Analyst team that was supposed to bridge the gap between IT audit and regular audit when it came to data capture and transformation.

It was a pilot program that never really went anywhere for a variety of reasons. But had it taken off, there was a bit of a niche for someone who wanted to learn ACL scripting, various data capture tools/techniques, and be the point man on the firm's new data analysis tool.

But even in that, there was no IT “audit” element.

Like acamp said, unless something extraordinary happens, you have to specialize in one field. Only exceptions I know of are:

1. Aforementioned scenario
2. If the workflow for the fraud division is too high (happened during the review of mortgage loans during the financial crisis) then they sometimes pull or ask for volunteer auditors to help out. But the work is guaranteed to be basic and mundane, since auditors are not fraud professionals (ironic lol).
3. When transitioning to a different service line, sometimes you end up in a 6 month transition where you do a bit of audit and a bit of your new role. Seen it happen with the fraud division as well as FAAS (EY's technical accounting advisory). Depending on the situation, there might be a spot to do a little of both on a permanent basis if you can make a case for it. But even this I think would probably be a no go.
4. Sometimes hybrid positions are created in extremely rare circumstances. I once met an FMA (at EY they helped track our billing, profit rates, budget, etc. on an engagement basis) who became a hybrid audit assistant. Sort of like an audit staff. It was due to her excellent performance in the FMA area and the team loved her. But even there, had she wanted to become a Senior she'd had needed to leave the FMA role completely.

.

Mayo, BBA, Macc

[Anonymous]

Thanks for the replies!

Acamp, could you elaborate on these rotations?

Mayo, sounds like what I feared. Are IT audits usually their own full engagement? Or are IT specialists brought in to back up the financial auditors for stuff like IT control walkthroughs/testing? I feel like a financial auditor who knows what they're doing could at least handle the IT controls of a client, unless they're undergoing a complex system migration or something.

[Mayo]

“Are IT audits usually their own full engagement? Or are IT specialists brought in to back up the financial auditors for stuff like IT control walkthroughs/testing?”

IT audit is short for IT Risk Assessment at EY. They're technically advisory, bu they do back up audit teams in doing IT walkthroughs and testing ITGCs. However, they also do their own separate engagements for publishing SOC 1 or SOC 2 reports for instance. But that's all I know about their engagements.

“I feel like a financial auditor who knows what they're doing could at least handle the IT controls of a client, unless they're undergoing a complex system migration or something”

I was an auditor for three years, and I don't know the first thing about IT audit. Not the methodology and not the actual procedures. I reviewed their work and understand the concepts at a high level. But F' if I knew anything about actually doing them.

And you mentioning about doing both jobs…At least in the Big 4, I just don't see how. I mean that's duplicate training, duplicate HR structure (because you are now in advisory as well), possibly (not 100% on this actually) independence issues for public companies (because you are now in advisory as well), and you have to split time between IT audit and real audit. Which, I don't see how it's possible, seeing that as a Senior you're up to your eyeballs in work with just being in audit.

I mentioned the data analysis team EY had? Yeah, I was part of that. And the main reason it's basically dead is because auditors, the people meant to be that role, had no time either on the part of the CDA (“certified data analyst”) or on the receiving part of the audit team needing help. The training was also subpar because they crammed everything into one 3 day session because auditors don't really have time for their own training and other complete training in a whole separate skill.

Anyhow, not saying that you should forget about your thoughts on IT audit. My suggestion is this, do a year of regular financial audit. At the same time, little by little, study up on the CISA and learn more about what IT audit actually does. After your first year is over then you can evaluate if you want to stay put or transfer. If you want to transfer take the CISA, talk to your firm mentor about your desire, and you'll probably be able to transfer after your second busy season if you have good ratings. It's a pretty common occurrence to be honest.

Mayo, BBA, Macc

[acamp]

^that sums up the difference quite well. IT Audits are very different than financial audits and training for the two seldom overlaps. Further, supposing you found a job that let you do 50/50, I would suspect your skills would development behind your pure audit and purse IT peers.

That said, I'm at Deloitte, and I know of an audit senior who did a 3-month rotation in our “ERS” side of the business. Longer rotations might also be available, but I never looked into it.

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FAR, REG and BEC with Ninja Notes + WTB Only

Ninja + Wiley Test Bank: [FAR - 81] [REG - 76] [BEC - 88] [AUD - 73](doh!)

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[Anonymous]

Thanks for the feedback guys! I guess I'll have to take some time to think about what I really want to do. I'm hoping to take the CISA sometime in the next year so hopefully that'll help me figure out where i want to go.

[Author]

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