It’s Time for a Midyear Internal IT Audit
As June comes to a close, we can celebrate surviving a six-month span unlike anything most of us have ever experienced or even considered having to plan for. Now that business is returning to some semblance of normalcy, it is time to perform a midyear internal IT audit within your organization.
KPMG surveyed 40 cross-industry engagement leaders about trends they’re seeing in business and technology that are expected to influence their clients’ IT audit plans over the next 18 months. Here are the top six reasons why you should perform an internal IT audit:
- Cybersecurity/information security – This was considered to be the most relevant area of focus for IT audit teams through 2020, with 86 percent of leaders indicating that this trend will continue to dominate board and executive attention. An internal IT audit will help companies assess their third-party risk management, contract compliance program review, IT vendor risk assessments and IT vendor cyber resiliency audits.
- Emerging digital technology and automation – Topics of interest within the domain included intelligent automation, advanced implementation of cloud services, DevOps/agile development, mobile technology, Internet of Things and blockchain adoption. An IT internal audit can help your business assess the intelligent automation governance program; be the source of automation-enabled control solutions for IT and the business; and leverage automation for IT auditing.
- SOX testing and GITCs – Complying with the Sarbanes-Oxley Act can be costly and time consuming, and many organizations have found that SOC compliance costs have increased — not leveled off — over the last several years. An internal IT audit can help your organization embed IT audit in project and IT governance; stay connected to the cyber risk program; and consider the business risks and controls.
- Business change – The most relevant audit areas within business change include cloud adoption, ERP modernization, data and analytics, business process outsourcing and managed services, and transactions.
- Regulatory compliance – These areas are particularly important: new accounting changes in Financial Reporting Standards and Current Expected Credit Losses, as well as regulations related to privacy like General Data Protection Regulation and the California Consumer Protection Act.
- Core IT operations – An internal IT audit can evaluate the IT governance approach, support IT in improving its vendor management capability, independently assess risks for major implementations or technology transformations, and assess program-management maturity.
2W Tech is a technology service provider that has the appropriate auditing software and tools to ensure you stay on top of your IT demands the rest of the year. Give us a call today to ensure your technology can carry you through 2020.