What Is an IT Internal Audit and Why Do You Need One?

An IT Internal Audit has become increasingly vital for businesses to maintain the integrity, efficiency, and compliance of their IT systems. We explore what IT Internal Audits entail and why they are proving increasingly indispensable for the security of organizations.  

Understanding IT Internal Audits 

The Definition and Purpose 

An IT Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps in achieving organizational objectives by systematically evaluating and enhancing the effectiveness of risk management, control, and governance processes within the IT infrastructure. 

Integrity360’s IT Internal Audit Service is tailored to suit the specific needs of our clients, spanning short-term to long-term commitments. We specialize in collaborating with Internal Audit functions to execute a series of IT Audit reviews, as stipulated in the Clients' Internal Audit plan. Unlike operational internal audit reviews, our focus is solely on IT Internal Audit Reviews, addressing the technological facets of your organization. 

The Role of a Chief Audit Executive in IT Internal Audits 

The Chief Audit Executive (CAE) is a central figure in internal auditing, often reporting directly to the CEO or Finance Director, while also maintaining a link to the Board Chairman. This position allows the CAE comprehensive oversight across the organization. Underpinned by the 'Internal Audit Charter' approved by the Board, the CAE possesses the authority to scrutinize any business operation, ensuring thorough and independent audits. 

The CAE's main responsibility is to the Board, delivering reports that include management recommendations for addressing identified risks. A key part of their role involves conducting follow-up audits to check the implementation of these recommendations, ensuring accountability and effective risk management. This makes the CAE crucial in upholding the integrity and efficiency of an organization's operations, especially in the IT sector. 

Why Your Business Needs an IT Internal Audit 

Compliance with Regulations 

For companies listed on stock exchanges like the FTSE 100 or 250, it's a regulatory requirement to have an Internal Audit (IA) function. An IT Internal Audit ensures that your organization not only complies with these mandates but also remains prepared for any regulatory shifts. 

Industry Reliance on IT 

In sectors extensively dependent on IT, establishing an IT audit team is not merely advisable; it's essential. This team is pivotal in managing and mitigating risks linked to IT systems and operations. Gaining visibility of your IT estate is vital in detecting any vulnerabilities and allows the organization to better provide evidence that they take their cyber security seriously to any regulators should the worst occur.  

Effective Resource Utilisation 

Many organizations grapple with completing their annual internal audit plan on time or lack the in-house technical expertise. Employing our IT Internal Audit Service can provide project-specific resources, thereby obviating the need for additional full-time staff. 

Aligning Performance with Expectations 

Evaluating how the IA function performs and whether it aligns with the Board's expectations is crucial. Our service identifies areas for improvement, enhancing the efficacy of the IA function. 

Managing Complexity and Third-Party Dependencies 

As operational complexity and dependency on third parties (like cloud service providers) increase, IT Internal Audits become critical in managing these relationships and ensuring the security and efficiency of such arrangements. 

Avoiding Regulatory Pitfalls 

Failure to execute the internal audit plan can lead to regulatory complications. Our service ensures the timely and comprehensive completion of your internal audit plan and the avoidance of such regulatory pitfalls.  

In short, an IT Internal Audit is more than a regulatory requirement; it's a strategic instrument that bolsters your IT infrastructure's control environment, aligns IT operations with business objectives, and guarantees the effective and secure functioning of your technological assets. By engaging with the experts at Integrity360, your organization can adeptly navigate the complexities of the IT domain, ensuring compliance, security, and operational excellence. 

Why use Integrity360 for your IT Internal Audit? 

• We can fulfill the objectivity and independence requirements set out in Internal Audit Charters 
• Integrity360 will seamlessly adopt the format of existing IA reports 
• Integrity360 can follow existing IT audit plans and be able to scope, plan, and complete projects within the annual planned schedule 
• Integrity360 can conduct risk assessments to prepare annual or 3-year IT audit plans 
• Integrity360 can present IT audit reports to the CISO, Senior Management, and the Board of Directors 
• We can perform follow-up reviews on reports we previously issued 

 For more information on our IT Internal Audit as a Service get in touch with us.