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What is it?
GAIT for IT General Controls Deficiency Assessment, or GAIT 2, provides an approach for evaluating IT general controls deficiencies identified during the annual assessment of internal control over financial reporting. GAIT 2 provides a platform for internal auditors to use in discussing their deficiency assessment with external auditors, management, and others.
In addition, GAIT 2 builds on the guidance provided in A Framework for Evaluating Control Exceptions and Deficiencies, a methodology developed in 2004 by nine certified public accounting firms that has guided management and internal and external auditors in assessing deficiencies in their organization's system of internal control over financial reporting. GAIT 2 incorporates three years of practical experience applying this guidance, and addresses the extensive changes to the standards and practices related to assessments of Section 404 that have occured in that time.