With the advent of the latest wave of information technologies such as big data, social media, technologies as a service and the cloud in general, it is worth taking the time to revisit the basics of IT audit. Usually, when such new technologies arise, the issues are the same as something in the past, and the way to address the emerging technology is to do what IT auditors always do when faced with challenges of new technologies. We go back to the core of IT auditing and what IT auditing is all about. It is about identifying risk and the appropriate controls to mitigate risk to an acceptable level.