RISK BASED INFORMATION SYSTEM AUDIT: A LITERATURE REVIEW AND ITS IMPLICATIONS IN ACCOUNTING

Abstract

This study analyzes the concept of Risk Based Information System Auditing (RBISA) and its relevance in the accounting profession. In line with the rapid growth of digital technology and the widespread use of automated accounting systems, organizations require more flexible and risk focused auditing approaches. Based on prior research and recognized frameworks such as COBIT, ITAF, and COSO, this paper evaluates how a risk based audit approach improves the effectiveness, accuracy, and trustworthiness of financial information systems. It explains the fundamental components of RBISA, including risk identification, risk evaluation, control examination, and audit reporting, and discusses its contribution to enhancing internal control systems, increasing audit productivity, and promoting proactive risk mitigation. Additionally, the study addresses the use of technological advancements such as data analytics and automated audit documentation, which enhance audit performance while simultaneously demanding higher technical competencies from auditors. The results indicate that implementing RBISA supports stronger corporate governance, greater financial accountability, and better compliance with regulatory requirements. Overall, this paper emphasizes the necessity of combining risk oriented and technology based auditing strategies in contemporary accounting practices to strengthen organizational accountability and long term resilience.