Selecting IT Auditors or IT Consultants

Selecting IT Auditors or IT Consultants
by Jimmy Sawyers, BOL Guru

This is the second installment of a two-part article on "Selecting IT Auditors and IT Consultants" by Jimmy Sawyers, Director of Consulting at Reynolds, Bone & Griesbeck PLC in Memphis, Tennessee. The following excerpts appear in the book,IT Auditing for Financial Institutions, written by Jimmy Sawyers and published by Alex Information.

Interviewing Potential IT Auditor or IT Consultant Candidates
IT auditors and consultants come from various backgrounds (e.g., former regulators, ex-bankers, CPAs, network engineers, programmers, web designers). The auditor/consultant's background and experience can be extremely beneficial to the process. Some possible questions to ask the potential candidate:
1. What is your IT background?
2. How many financial institutions have engaged you in the past three years?
3. What percentage of your work year is spent with financial institutions?
4. How long has your firm been in business?
5. Will you be performing the audit alone or do you have colleagues who will contribute?
6. How many hours of continuing professional education (CPE) do you receive each year?
7. What automated tools will you use?
8. What type of report can we expect to receive?
9. How detailed are your reports?
10. Will you submit a formal proposal listing?:
- The scope of the audit
- Your approach
- Estimated time on-site
- Industry experience
- References
- Bios of team members
- Firm information
- Deliverables
- Fees (including travel time and travel expenses)
11. Describe the engagement/project from beginning to end.
12. To what extent will our people be involved?
13. Will you be available throughout the year to answer questions or provide support on an hourly basis?

Perform the proper due diligence before engaging auditors and consultants. By doing so, you can establish a mutually beneficial relationship that will last for years, and contribute positively to your bank's success and your career.

First published on BankersOnline.com 03/29/04