The effectiveness of the controls on the information system your business uses can be assessed with an IS audit. The audit's goal is to determine if information systems efficiently support management objectives, safeguard corporate property, uphold the integrity of data that is maintained and communicated, and function as intended. This audit is conducted in tandem with a general audit of finances, which looks into the financial statements and accounting records of an organisation.
Why is an IS audit required?
You may monitor each and every financial transaction using a specially designed information system. To guarantee the integrity, availability, and privacy of information, information security is essential. Bank transaction statements, debit or credit card transactions, and customer personal information are just a few of the many bits of data that must be protected from unauthorised access.
You can prevent unauthorised people from changing or tampering with your data by upholding data integrity. When the IS audit consultancy confirms the secure storage of data and the confidentiality of that data from unauthorised individuals, the information is made available to authorised users.
How Can IS Audit Services Aid in the Procedure?
The IS audit services include an audit of the operational, technological, and managerial controls. The following steps are included in the auditing process:
Arranging the evaluation
The information system that was discussed in the planning phase has to follow the audit goals specified by the customer. It also certifies that they have complied with all legal obligations and professional standards. Receiving an audit charter from the client, which describes the audit's objectives and the management team's power, duty, and accountability, is the first step.
Evaluation of risks
In this instance, the information system audit process is supported and advanced by modifying the risk-based audit methodology. By utilising the company's operational security measures and domain expertise, this aids the IS auditor in assessing the risk and deciding whether to do compliance or actual testing.
Performing the Assessment
As per the Information System Audit Standards, professionals are needed to supervise audit activities, gather audit evidence, and log it. This is achieved via conducting an internal review process, wherein an individual's work is assessed by another, often a senior member of the organisation, and pertinent and reliable evidence is gathered through investigation, inspection, and other such techniques. Enough audit evidence has been acquired to bolster the auditors' conclusions, and the finished job is documented.
Reports on Audits
When the audit is finished, the IS auditor has to provide the results in an appropriate report. The report should include an organisation and stakeholder list, as well as details on the goals, scope, and duration of the audit work. It should also include an explanation of the results and recommendations and be audit-proof.
The process outlined above illustrates how IS audit consultancy are advantageous to the company.
