IT Audit Understanding IT Risks in Financial Audit
23-02-19
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What is an IT audit?
An IT audit, also known as an information technology audit, is a review and assessment of a company's information technology operations, policies, and infrastructure. It's intended to ensure that an organization's IT systems are reliable, secure, and compliant with rules and laws. An IT audit can also help identify potential areas of improvement that can increase productivity and reduce costs.
Why is IT risk important to understand?
Organizations need to be mindful of the risks associated with their IT systems in the modern digital environment. Without understanding these risks, there is a high likelihood of system failures, virus attacks, data breaches, and other security issues. Organizations also need to be aware of any regulatory obligations that may be relevant to their particular industry or sector. By properly understanding these risks and requirements, organizations can ensure that their IT systems are secure and compliant with applicable laws and regulations.
The role of IT audit in the accounting audit process
IT audits play an important role in the accounting audit process by helping to identify potential weaknesses or vulnerabilities within an organization's financial systems. By conducting a comprehensive review of an organization's financial processes and procedures, auditors can identify areas that require additional controls to protect against fraud or other malicious activity. Auditors can also assess whether existing controls are sufficient to protect against potential threats or whether additional measures need to be implemented to meet compliance requirements.
Examples of auditing techniques
While performing an IT audit for accounting purposes, there are a number of standard audit methods that should be followed.
1. Assess internal controls to see if they are sufficient to thwart fraud or other nefarious conduct within a company's financial systems.
2. Examine access controls: Examine user access privileges inside the system to determine whether it is suitable to grant users access to private data or resources.
3. System security testing: Test several facets of system security, including firewalls, encryption protocols, and authentication procedures, to make sure they are operational and determine if they are protected from outside threats.
4. Application security assessment: Determine if the organization's applications are protected from outside risks such malware assaults or unauthorized access attempts.
5. Examine if the organization's financial systems are configured or managed to comply with all applicable rules and regulations pertaining to financial reporting.
