Information System (IS) Audit & Risk Management

Information System Audit

Technology is major source of business growth and advancement as well as business risk. Technology is key factor for growth of every business. But there is always a miscommunication and gap between the business executives and IT professionals because businessperson faces difficulty in understanding IT language. and for eliminating these loopholes an effective strategy is required.

Information is undeniably regarded as most valuable asset for an company and protecting it from outside and within have become the main issue of consideration for company. Information System Audit covers automated information processing system evaluation, non- automated processes and in between interface.

IT audit also support to reduce risks of data tampering, data loss or leakage, service disruption and poor management of systems

What is information system audit?

Process of collecting and evaluating evidence to determine whether a (computerized) system:

  • Safeguards assets
  • Maintains data integrity
  • Enables communications & access to information
  • Achieve operational goals effectively
  • Consumes resources efficiently 

Information Technology Auditing

  • Involves evaluating the computer’s role in achieving
  1.  audit objectives and
  2. control objectives
  • means proving data and information are
  1. reliable,
  2. confidential,
  3. secure, and
  4. available as needed

Objectives of information system audit

  • Collecting & evaluating evidence to determine if system accomplishes its organizational tasks effectively & efficiently
  • Understanding the organization & environment
  • Understanding the Control Approach
  • Control – a system that prevents, detects, or corrects unlawful, undesirable or improper events.
  • safeguarding of assets and data integrity
  • Operational effectiveness.

Types of IT Audits:

  • Systems and Applications:

An audit to verify that systems and applications are appropriate, are efficient, and are adequately controlled to ensure valid, reliable, timely, and secure input, processing, and output at all levels of a system’s activity. System and process assurance audits form a sub type, focusing on business process-centric business IT systems.

  • Information Processing Facilities:

An audit to verify that the processing facility is controlled to ensure timely, accurate, and efficient processing of applications under normal and potentially disruptive conditions.

  • Systems Development:

An audit to verify that the systems under development meet the objectives of the organization and to ensure that the systems are developed in accordance with generally accepted standards for systems development.

  • Management of IT and Enterprise Architecture:

An audit to verify that IT management has developed an organizational structure and procedures to ensure a controlled and efficient environment for information processing.

  • Client/Server, Telecommunications, Intranets, and Extranets:

An audit to verify that telecommunications controls are in place on the client (computer receiving services), server, and on the network connecting the clients and servers.

IT Audit process:

The following are basic steps in performing the Information Technology Audit

  1. Planning
  2. Studying and Evaluating Controls
  3. Testing and Evaluating Controls
  4. Reporting
  5. Follow-up

IT Risk Management

IT Risk Management is the application of risk management methods to information technology in order to manage IT risk.

The establishment, maintenance and continuous update of an Information Security Management System (ISMS) provide a strong indication that a company is using a systematic approach for the identification, assessment and management of information security risks.

The process of risk management is an ongoing iterative process. It must be repeated indefinitely. The business environment is constantly changing and new threats and vulnerabilities emerge every day. The choice of countermeasures (controls) used to manage risks must strike a balance between productivity, cost, effectiveness of the countermeasure, and the value of the informational asset being protected.

IT Risk Management

Why RVG?

  1. RVG’s IT audit services help organisations understand their key technology risks and how well they are mitigating and controlling those risks.
  2. We also provide insight into the threats inherent in today’s highly complex technologies.
  3. We are ready to go the extra mile to help you fight risk and keep your data safe.
  4. We serve organisations of all sectors and operate across all technology platforms and software environments.
  5. We work as a link between IT professionals and your management because they face difficulty in understanding language of technology we will suggest management about what kind of changes they should make in their current technology. & how they can secure their data & safeguarding of assets and data integrity.