“A security audit is essentially an assessment of how effectively the organization’s security policy is being implemented.” (Pupescu et.al, 2008 p.79)”
An IT audit is the observation and assessment of an organization’s infrastructure, policies, and operations. An IT audit determines whether IT controls and protects corporate assets, while also ensuring the integrity of the data, and aligning the overall goals of a business.
ISACA (Information Systems Audit and Control Association) assembled the audit process into three major phases: planning, fieldwork, and reporting. An IT auditor is responsible for interpreting and assessing an organization’s technological infrastructure to find issues with efficiency, risk management, and compliance.
From a single Google search, I found anywhere from $1500 to $50,000 quoted for a security audit. $1500 seems to be a daily rate for an auditor, so a month of their time would cost around $30,000.
It checks whether controls have complied with the minimum requirements, is it mitigating the risk? Is it sufficing the business requirements? such many questions are answered in the audits. Though, it is not possible for any auditor to discover all the errors, frauds in financial statements.
Why are IT audits important?
- Verify current security strategy is adequate or not?
- Safeguarding all assets.
- Determining if there are potential risks to the company’s information assets and find ways to minimize those risks.
- Checking that information management processes are compliant with IT-specific laws, policies, and standards
IT Audit and control major frameworks:
- COSO Integrated ERM Framework
- ISACA & ITGI’s COBIT
- International Organization for Standardization’s ISO27000 series
A cybersecurity audit consists of five steps:
Define the objectives | Plan the audit | Perform the auditing work | Report the results | Take necessary action
A successful IT audit gives the information and data you need to ensure that your infrastructure, policies, and operations are all where they need to be. These audits are the way of knowing that the controls in place are working to protect the company’s assets, the integrity of the data, and remain in line with the business objectives. It’s just one more way you can work to keep all sensitive data on lock.
How to Prepare for a Cybersecurity Audit
Today's organizations face an extensive and ever-shifting array of security risks when it comes to their network…