What is IT Audit?

With the widespread use of information Technologies, some risks have emerged. Businesses that don't establish control mechanisms to forestall these risks may encounter security weaknesses within the confidentiality, integrity, usability and reliability of data produced in information systems. IT audits have emerged for these reasons. IT Audit aims to obtain assurance whether information technology infrastructure and processes will provide the expected benefits from them. Generally, an audit is the research of an existing system, report, or entity. IT Audits determine whether IT protects corporate assets, ensures data unity and is aligned with the business's all goals.

So, IT Audits are wont to evaluate the business's ability to guard its information assets and to properly dispense to authorized.IT controls mainly comprise organizational controls, process controls and technical controls. Physical controls that support the protection of IT infrastructure against security threats are among information technology controls. In addition, the IT Auditor's only task is not to analyze physical security controls, also to analyze general business and financial controls involving information technology systems.

Importance of IT Audits

There are lots of reasons why an IT audit is very important. Many businesses depend upon the operations and services of IT and spend large amounts of money. Because they realize the benefits IT audits provide. IT Audits help reduce the danger of knowledge fraud, data loss or leakage, service interruptions, and IT systems mismanagement. It performs actions like checking that information management processes are compliant with IT-specific laws, policies, and standards. Also, it's become a critical mechanism to stop scandals like Enron and World Com, which have led to a decline in public trust, and to make sure the accuracy and integrity of the financial reports.

Establishing effective control mechanisms to stop risks is extremely important for businesses. Otherwise, the protection and reliability of the systems are damaged.

The Importance of IT Audits

Types of IT Audits

• Systems and applications: Checking that the systems and applications are secure on all levels of activity, valid, and efficient.
• Information processing: Confirming that each one processes are working perfectly and if they're in disruptive conditions.
• Systems development: Confirming that systems under development are being created in compliance with the business standards.
• Management of IT and enterprise: Examining whether IT management is processed productively.
• Telecommunications: Searching the servers and network security to safeguard against contravention.

IT Audit Processes

Every audit is different, but an IT audit process generally consists of 4 stages: Planning, evaluating controls, reporting and tracking.

1. Planning: The auditor should plan the audit in such some way that it's economical, efficient, effective and completed on time. the design phase is incredibly important for the audit to be precise and effective.
2. Evaluating controls: The IT control that the auditor will examine within the scope of the program should be examined in 3 stages determining the control entity, evaluating the effectiveness of the control, and evaluating the findings. The auditor should examine the system on-site and be to bear with the IT personnel who are the users of the system or controls.
3. Reporting: The IT auditor should prepare a report as appropriate after the audit. It should begin with the scope, objectives, audit period and timing, nature and limitations of the audit work performed.
4. Tracking: The post-audit monitoring process should create. Appropriate testing or other procedures should be accustomed to determine the case before concluding post-audit monitoring activities.

IT Asset Management for IT Audit

IT Asset Management is the general scope of monitoring and management of all IT assets owned by a company. Especially with the growing wave of digital transformation, the IT assets of companies are increasing day by day. Software applications, hardware, integrations and other IT assets are critical to companies. If these IT assets are not managed regularly, companies may face various risks.

IT Asset Management ensures maximum utilization of all IT assets and provides foresight for IT investment. ITAM is of great importance for IT audits as it makes the IT infrastructure appear more transparent. Companies that implement the IT Asset Management strategy obtain more accurate information in IT audits.

IT Asset Management Software