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A major part of the IT audit function is to educate the business community on the benefits that IT auditing provides to an organization. Internal audit departments usually have an IT audit component with a specific role that is clearly defined. In our experience as IT auditors, the wider business community needs to understand and leverage the value added by IT auditors. In this context, we are publishing this overview of the benefits and added value from IT auditing.

IT audits may cover a wide range of technology such as client-server systems and networks, operating systems, software applications, web services, databases, telecom infrastructure, security systems, disaster recovery planning and change management procedures.

The general structure of an audit is to identify risks, assess the design of controls and then test the effectiveness of the controls. Each of these aspects of an audit can add value when performed by skillful auditors.

Companies generally maintain an IT audit function to provide assurance on technology controls and to ensure regulatory compliance with federal or industry specific requirements. As investments in technology grow, IT auditing can provide assurance that risks are controlled and that huge losses are not likely. An organization may also determine that a high risk of outage, security threat or vulnerability exists. There may also be requirements for regulatory compliance such as the Sarbanes Oxley Act or requirements that are specific to an industry.

Below we discuss five key areas in which IT auditors can add value to an organization. Of course, the quality and depth of a technical audit is a prerequisite to adding value. The planned scope of an audit is also critical to the value added. Without a clear mandate on what business processes and risks will be audited, it is hard to ensure success or added value.

So here are our top five ways that an IT audit adds value:

1. Reduce risk. The planning and execution of an IT audit is generally focused on identifying and assessing risks in an organization’s IT environment.

IT audits are usually focused on risks related to confidentiality, integrity and availability of information technology infrastructure and processes. Additional risks may include effectiveness, efficiency and reliability of IT.

After identifying and assessing risks, the next logical step is to develop a course of action to reduce or mitigate the risks through controls, risk transfer (e.g. insurance) or risk acceptance (e.g. built into the business).

An essential point here is to understand that IT risk is business risk. Threats and vulnerabilities in IT operations can have a direct impact on the overall organization. An organization needs to understand its risks and then have a clear strategy to address those risks.

Auditors will generally use risk best practices such as ISACA COBIT and RiskIT frameworks (www.isaca.org) and the ISO/IEC 27002 standard ‘Code of practice for information security management’ (www.iso.org).

2. Strengthen controls (and improve security). Based on the assessed risks as discussed above, the next step is to identify and assess corresponding controls. If controls are assessed to be poorly designed or ineffective, corrective action can be taken.

The COBIT framework of IT controls consists of four high level domains that cover 32 control processes which can be used to reduce IT risk. COBIT covers all aspects of information security including control objectives, critical success factors, key goal indicators and key performance indicators.

An IT auditor using COBIT can assess controls and make recommendations that add real value to the IT environment and to the organization as a whole.

Another control framework is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) model of internal controls. IT auditors use this framework as a best practice standard to get assurance on (1) the effectiveness and efficiency of operations, (2) the reliability of financial reporting and (3) the compliance with applicable laws and regulations. Two of the five elements in this framework relate specifically to controls – control environment and control activities.

3. Comply with regulations. There are a wide range of regulations at the federal and state levels that include specific requirements for information security. IT auditing is critical to ensure that specific requirements are met, risks are assessed and controls implemented.

Sarbanes Oxley Act (Corporate and Criminal Fraud Accountability Act) includes requirements for all public companies to ensure that internal controls are adequate as defined in the framework of the Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) discussed above. It is the IT auditor who provides the assurance that such requirements are met.

Health Insurance Portability and Accountability Act (HIPAA) includes three areas of IT requirements – administrative, technical and physical. IT auditors play a key role in ensuring compliance with these requirements.

Other industries such as the credit card industry also have requirements such as the Payment Card Industry (PCI) Data Security Standard e.g. Visa and Mastercard.

All of these compliance and regulatory areas require the IT auditor to play a key role. It is critical to an organization to have assurance that all requirements are met.

4. Facilitate communication between business and technology management. An audit promotes better communication between an organization’s business and technology management. The audit procedures of interviewing, observing and testing result in valuable information in written reports and oral presentations. Senior management is thus informed of how their organization is functioning.

Technology professionals in an organization also need to know the expectations and objectives of senior management. Auditors help this communication from the top down through participation in meetings with technology management and through review of the current implementations of policies, standards and guidelines.

It is important to understand that IT auditing is a key element in management’s oversight of technology. An organization’s technology exists to support business strategy, functions and operations. Alignment of business and supporting technology is critical. IT auditing maintains this alignment.

5. Improve IT Governance. The following definition is from the IT Governance Institute (ITGI):

‘IT Governance is the responsibility of executives and board of directors, and consists of the leadership, organizational structures and processes that ensure that the enterprise’s IT sustains and extends the organization’s strategies and objectives.’

The leadership, organizational structures and processes mentioned in the definition point to IT auditors as key players. IT auditing and overall IT management are focused on the value, risks and controls around an organization’s technology environment. IT auditors review the value, risks and controls in all of the key components of technology – applications, information, infrastructure and people.

The framework of IT governance consists of four key objectives which are also discussed in the IT Governance Institute’s documentation:

*IT is aligned with the business *IT enables the business and maximizes benefits *IT resources are used responsibly *IT risks are managed appropriately

IT auditors provide assurance that each of these objectives is met. Each objective is critical to an organization and is therefore critical in the IT audit function.

To sum up, IT auditing is extremely valuable to reduce risks, improve security, comply with regulations and facilitate communication between business and technology management. Overall IT governance is improved and strengthened through the IT audit function.

References:

ISACA. Control Objectives for Information and related Technology (COBIT). www.isaca.org.

ISO/IEC 27002 Code of practice for information security management. www.iso.org

Committee of Sponsoring Organizations of the Treadway Commission (COSO) Framework. www.coso.org

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