IS audit is the process of collecting and examining the management of controls over an organization’s information systems, practices, controls and operations. The analysis of evidence obtained through the IS audit process determines whether the components of the information systems that are safeguarding assets, maintaining data integrity are operating effectively to achieve the organization’s overall goals and objectives. The audit reviews performed can be in conjunction with a financial statement audit, internal audit, or other forms of attestation engagement.
The IS Audit covers the following major categories:
IS Audit involving auditing the
The audit process is completed as per the following phases:
1. Audit Planning
In this initial phase, we plan the objectives specified by the Client and ensure compliance to all Laws and Professional Standards. The first thing is to obtain an Audit Charter from the client detailing the purpose of the audit, the management responsibility, authority, and accountability of the Information Systems Audit function.
2. Audit Checklist Preparation
In this phase, we assist audits during the audit process and ensure that the audit is conducted in a systematic and comprehensive manner. We create an information base for future audits and record data for future references
3. Audit Execution
Understanding the business process requirements, we review all the essential documents as per scope and interview the auditees. A set of questionnaires is sent to the auditees, and we perform testing of controls to check the inadequacies. We collect evidence for control implementation and testing.
4. Audit Reporting
Upon the execution of the audit, we produce our concise report as per our findings that describes our observations, risks and recommendations in detail. The report and the findings is then communicated to the stakeholders, presenting the finds to the management via an executive summary
Conducting an IS Audit has the benefits of educating the business community on how their work adds value to an organization. It covers a wide range of IT processing and communication infrastructure and provides a clear perspective on their role in an organization.
The following are the key benefit of conducting IS audit of a business
