An IT audit is used to evaluate an entity’s information systems and the safeguards it has in place in order to protect these systems. The purpose of an IT audit is to determine whether or not the controls that are used to secure the information assets are working effectively. In addition, an IT audit will evaluate the efficiency of an entity’s information system. Every time people get to hear the word ‘audit’, they become nervous. Undergoing an IT audit is beneficial to a company; it is an important element of a strong and adequate IT management. After an IT audit, the auditor will recommend a strategic business action related to external and internal IT processes and systems.
Checks Susceptibility to Threat
Businesses operate in a time where electronically storing data is almost essential. Additionally, much accounting is done through cloud accounts or other online storage systems. An entity’s financial data as well as its customers’ and employees’ sensitive information are all vulnerable through its IT systems. There will always be risks associated with the way an enterprise processes data. But with an IT audit, companies will be assured that they operate at the lowest risk possible. Moreover, areas that are of high risk will be identified and because of that, companies will be able to develop a plan to resolve or fix those risks and mitigate future threats.
Evaluates the System and Ensures Its Integrity
Conducting an IT audit will let companies know if their systems are functioning efficiently and are achieving the goals and objectives of the organization. This can be done by assessing the efficiency of the company’s system. In the event that something is awry, the IT auditor will help the organization create a more efficient running system. Availability is important. Time is wasted and money is lost when entities cannot access the information when they need to. Meanwhile, those who are authorized should be able to do so. With that in mind, an IT audit will help ensure the integrity of the system.
A system that has gone through an IT audit is expected to instill the confidentiality, availability, and integrity of the data. This means that sensitive information is protected from leaks or discoveries and data are guarded from modifications by unauthorized parties.
An IT audit will not only assess risks, but also identify and evaluate controls. As a result, ineffective or inadequately laid out controls can be restructured and reinforced. By using different frameworks, IT auditors will be able to obtain confidence with regards to the effectiveness and efficiency of the entity’s operations, accuracy and authenticity of financial disclosures, and adherence to relevant rules and policies.
Develops IT Governance
IT governance constitutes leadership, frameworks of the entity, and practices that will make certain that the IT of an entity supports and continues the plan of action and goals of the organization. An IT audit will help further the IT governance of the company. An IT audit is among the most useful tools available for the management in protecting their information assets and in ensuring that their IT systems are operating effectively. However, an IT audit is not meant to guarantee that an entity is complying with the IT standards. Rather, IT audit will help protect the organization from the risks associated in an IT system. Furthermore, areas of inefficiencies within the company’s system will be identified; hence time and money will be saved.