It Auditing and Electronic Funds Transfers

Internal Auditing, Vol. 18, No. 5

Posted: 27 Nov 2004


The integration of applications and enterprisewide information systems is a key trend for the future and will surely have an impact on the entire set of knowledge, skills, methods, algorithms, and strategies of internal auditors. The goal of this article is to reach out to internal and IT auditors and provide practical suggestions and a model audit program for performing audits of electronic funds transfers. A discussion of relevant internal controls and their impact on potential losses is also included. The model audit program provided allows internal auditors to audit online transfers of funds between entities and between individuals and entities. An IT audit can be performed for small-sized systems by auditing the end products, assuming that the internal controls are well placed. In large and complex systems, auditors may need to collect further evidence of the quality of the internal control systems in order to vouch for the data integrity, system efficiency and effectiveness, and asset safeguarding objectives of IT audit.

Keywords: Enterprise-wide Integrated information systems, information technology auditing, Electronic fund transfer (EFT), Auditing online fund transfers, IT Audit Decision-making, Internal Controls, Audit Approach

JEL Classification: M40, M49, G34

Suggested Citation

Pathak Phd, CPA, CGA, CFF, CFE, CISA, Jagdish, It Auditing and Electronic Funds Transfers. Internal Auditing, Vol. 18, No. 5, Available at SSRN:

Jagdish Pathak Phd, CPA, CGA, CFF, CFE, CISA (Contact Author)

University of Windsor - Odette School of Business ( email )

401 Sunset
Windsor N9B 3P4, Ontario
519-253-3000 ext. 3131 (Phone)
519-973-7073 (Fax)


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