Reel Informatics’ Value Proposition

Complex IT infrastructures, growing volumes of data, and ever-evolving cybersecurity threats demand an advanced financial auditing approach beyond traditional financial checks. At Reel Informatics, we recognize the need to address these challenges head-on by integrating IT audit and assurance into the financial audit process.

Our objective with IT Audit and Assurance as a Service (ITAS) is not just to bridge the gap between financial audits and IT controls, but to significantly enhance the quality and reliability of financial reports. This service not only strengthens auditors’ confidence in their clients’ IT systems but also provides an added layer of security through a robust review of cybersecurity practices, IT governance, and data analytics, thereby adding substantial value to the financial audit process.

While the International Financial Reporting Standards (IFRS) do not explicitly focus on IT controls, it’s crucial to understand that IT controls are the backbone of ensuring the integrity, accuracy, and reliability of financial reporting, a core aspect of IFRS compliance. IT systems are the engines that drive the generation, processing, and storage of financial data, and any weaknesses in IT controls can lead to inaccurate or misleading financial statements, potentially resulting in non-compliance with IFRS.

The Core Tenets of IT Audit and Assurance as a Service

Our IT Audit and Assurance as a Service is grounded in the following principles, each of which adds significant value to financial audits:

  1. IT General Controls (ITGC) and IT Application Controls (ITAC) Assessment: We leverage globally recognized IT frameworks to evaluate the effectiveness of IT controls that underpin critical financial systems. This approach instills confidence in the accuracy, integrity, and security of the systems used for financial reporting.
  2. Data Analytics and Data Excellence: With a growing reliance on data for decision-making, our data analytics services help auditors assess data quality and integrity. Using global data excellence frameworks and our in-house data analytics tools, we provide insights into the reliability of financial data, enabling auditors to make informed, data-driven decisions.
  3. Cybersecurity Review and Risk Management: Cyber threats pose a significant risk to financial data. We comprehensively review clients’ cybersecurity practices based on global cybersecurity assessment frameworks. We evaluate the measures in place to ensure the confidentiality, integrity, and availability of financial data, helping auditors assess whether adequate safeguards are in place to prevent breaches or fraud.
  4. Governance, Risk, and Compliance (GRC) Assurance: Effective GRC practices ensure that IT operations align with overall business objectives and regulatory requirements. Through ITAS, we provide auditors with an in-depth understanding of their clients’ GRC frameworks, ensuring that IT processes support financial stability and compliance.

How the Reel Informatics’ ITAS Adds Value

  1. Enhanced Assurance on IT Systems: Financial auditors traditionally focus on financial processes, but with the increasing reliance on technology, they must also evaluate the IT systems that support financial data. Our service empowers auditors to provide comprehensive assurance over the effectiveness of IT controls, ensuring that financial data is accurate, complete, and secure.
  2. Strengthened Cybersecurity Posture: Cybersecurity is now a critical aspect of financial audits. By integrating a thorough review of cybersecurity measures into the audit process, we help auditors ensure that their clients are protected against threats that could compromise financial information.
  3. Improved Data Integrity and Accuracy: We have developed in-house data analytics and exception reporting tools that capably provide 100% analytics over financial and operational data. Our data analytics journey can start from any component of the audit process, such as analyzing and verifying a trial balance and tying the balances to the source transactions, before the financial auditors can use it for audit planning and execution. By incorporating data analytics into the audit process, we help auditors assess the accuracy and reliability of the financial data they review. This reduces the risk of errors and improves the overall quality of the audit.
  4. Compliance with Global Standards: Our service is aligned with global best practices, including ISACA’s ITGC and ITAC frameworks and leading cybersecurity and data governance standards. This ensures that audits meet the highest international standards, providing greater confidence to stakeholders.

Partnering for Success

At Reel Informatics, we believe in creating strong partnerships with audit firms across Kenya to deliver this service. Our team of experts works closely with financial auditors to complement their audit processes and ensure they can provide their clients with a higher level of assurance. Together, we can ensure that businesses with complex technology infrastructures receive audits that verify financial accuracy and assess the IT controls that support their operations.

By offering IT Audit and Assurance as a Service, Reel Informatics helps audit firms unlock new levels of insight and confidence in their financial audits. Our service is designed to mitigate risks, enhance data accuracy, and safeguard against the ever-growing array of cyber threats. With our expertise, financial auditors can rest assured that their clients’ technology and financial systems are well-protected and compliant with global best practices.

Contact us today to learn how Reel Informatics can help you integrate IT audit and assurance into your financial audits, strengthening your offering and providing greater value to your clients.