In this chapter, we discussed various audit processes, standards, guidelines, practices, and techniques that an IS auditor is expected to use during audit assignments. We learned about risk-based audit planning and its advantages. The most important benefit of audit planning is that it helps the auditor to focus on high-risk areas. We also discussed the major risks associated with business applications.
In the next chapter, we will discuss and learn about audit execution, which includes project management techniques, sampling methodology, audit evidence collection techniques, and other aspects of conducting an audit.
