Assessment of effectiveness of IT systems will cover all the major controls:
An information system (IS) audit or information technology(IT) audit is an examination of the controls within an entity's Information technology infrastructure. These reviews may be performed in conjunction with a financial statement audit, internal audit, or other form of attestation engagement. It is the process of collecting and evaluating evidence of an organization's information systems, practices, and operations. Obtained evidence evaluation can ensure whether the organization's information systems safeguard assets, maintains data integrity, and are operating effectively and efficiently to achieve the organization's goals or objectives.
An IS audit focus on determining risks that are relevant to information assets, and in assessing controls in order to reduce or mitigate these risks. An IT audit may take the form of a "general control review" or an "specific control review". Regarding the protection of information assets, one purpose of an IS audit is to review and evaluate an organization's information system's availability, confidentiality, and integrity by answering the following questions:
The performance of an IS Audit covers several facets of the financial and organizational functions of our Clients. The diagram below gives you an overview of the Information Systems Audit flow: From Financial Statements to the Control Environment and Information Systems Platforms.
Success of audit depends not only upon the auditors expertise but also on the reference framework used in order to ensure comprehensive compliance and risk reduction. A suitable refernece framework will be chosen based on the best Internatioanl practices such as COBIT.
COBIT is a governance framework and supporting tool set that IT organizations can use to ensure that IT is working as effectively as possible to minimize risk and maximize the benefits of technology investments.
The COBIT control framework links IT initiatives to the business requirements, organizes IT activities into a generally accepted process model, identifies the major IT resources to be leveraged and defines the management control objectives to be considered.
Identifying risks and vulnerabilities allows the auditor to determine the controls needed to mitigate those risks. In a risk-based audit approach, IS auditors are not just relying on risk. You are also relying on internal and operational controls, as well as knowledge of the organization. This type of risk assessment decision can help relate the cost-benefit analysis of the control to the known risk, allowing for practical choices and better cost-benefit recommendations to management.
Knowledge of the relationship between risk and control is important for IS auditors. IS auditor will
Profiles of significant business units, departments and products, including:
And associated business risks and control features will be included as a part of audit.
And associated business risks and control features will be included as a part of audit.