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These Are the Benefits of IT Audits for Businesses

These Are the Benefits of IT Audits for Businesses

Man holding IT audit report in a tablet.
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For almost any business today, information technology (IT) is integral to the success and safety of all operations. Without it, a business’s data, confidentiality, and integrity would be at great risk.

Cybersecurity and IT threats are greater and far more prevalent than they’ve ever been before. Throw Covid-19 into the mix, and IT threats have sky-rocketed, with a 400 percent spike in online scams in March 2020, alone.

This is where IT audits can be incredibly powerful for your business’s IT infrastructure and protection. Learn more about why IT audits should be commonplace in your business today.

What Is IT Auditing?

Just like financial audits, IT audits look for loopholes and weak points in your IT infrastructure. These audits cover a large range of IT processes. Just some of these include:

  • IT processing and communication infrastructure
  • IT security systems
  • Software applications
  • Operating systems
  • Client-server networks and systems

The overall premise of an IT audit is to assess whether there are any errors within your IT infrastructure as a whole. These errors are what make you vulnerable to a myriad of IT and cybersecurity threats. It’s generally best to use a third-party auditing company to perform an IT audit, such as Lenet.

The IT auditing process follows three crucial steps:

The first is a performance audit to assess whether you’re getting good value-for-money with your IT systems. The second is a compliance audit to assess how compliant your IT systems are with standard laws and policies. The third is a financial statement audit.

With all these audits combined, you should have a clear idea of the management and efficacy of your business’s IT system. These audits are designed to assess and identify risk using advanced design controls. This then allows you to master a good solution to tackle these risks.

IT Audits and Their Undeniable Benefits

While some businesses may question the purpose and associated expense of an IT audit, you cannot deny that there are benefits to making sure your business data and IT systems are well-protected in today’s day and age. Here’s why:

1. Reduce Your IT Vulnerability, Ten-Fold

By identifying any potential risks or weak points within your IT infrastructure, this will help you to formulate the best possible plan in order to mitigate these risks. Most of the time, these risks are related to IT availability, integrity, and confidentiality of IT infrastructure.

Once all of your vulnerable areas are identified, your team can develop a clear plan-of-action to reduce or eliminate risks that face your IT operating environment. Ultimately, this allows you to build a solid IT infrastructure that is impenetrable and always well-maintained.

2. Bolster Data Security

When you have a clear outline of the risks that your business could face in terms of IT security, you have a chance to redesign and strengthen IT systems that need it. You can also identify ineffective IT controls and fix them.

All-in-all, this makes for a vast improvement in the security of your business data. In today’s world, auditing teams use advanced technology and tools to detect both internal and external business threats. This means you have instant access to these vulnerable areas and can work on fixing them without delay.

3. Improve Your IT Governance

What is IT governance? This is related to the overall IT management within your business and the understanding of controls, risks, and the value of your IT environment.

IT auditing is crucial for ensuring that all your employees and IT management team are up-to-speed with IT compliance and regulations. In other words, an IT audit improves your knowledge of how to be and remain safe according to the law.

4. Detect and Prevent Fraudulent Activity

With a recurring analysis of your company’s IT operations, you can gauge a better understanding of all internal controls. This is one of the best ways to detect and prevent various forms of fraud and irregularities within the system. By knowing how things should operate, you can immediately spot activity that is ”out of the ordinary”.

To add to this, an auditing company can help to design and modify your internal IT controls for the purpose of detecting fraud before it even happens.

5. Evaluate the Value-For-Money of Your IT System

IT auditing offers the perfect opportunity to assess whether the operating system you’re using is really working for your business. In short, it’s a chance to evaluate whether you’re spending money on the right IT infrastructure.

If not, you have a chance to reassess your IT infrastructure goals and objectives or make changes to the system as recommended by auditing professionals.

6. It Improves Internal Communication

Regular IT audits for businesses are a good way to look at your level of communication between your business and its technology management. The process of auditing and testing allows an auditor to assess whether there is a communication gap between departments, too.

Basically, they test whether there is a significant gap between IT theory and what is being put into practice. If there are communication issues, an auditing team can help to rectify this.

With detailed reports outlining these issues, auditors can help to facilitate better communication, trust, and accountability between departments. It’s crucial that a business and its technological functions are in alignment. This is what good lines of communication can guarantee.

7. Streamline and Evaluate IT Controls

Aside from risk assessment, an IT audit is a brilliant way to assess the IT controls you have in place, and whether they are poorly designed or not. These controls relate to the efficiency of your company operations and compliance with IT rules and policies.

An auditing team will compile a framework that works best for you in order to ensure accuracy, authenticity and better control of your IT infrastructure in general.

Take Control of Your Technology

Whether you’re a large corporate or a small-medium business, IT audits should be part of your IT management in order to protect your business. It up to you to take control of your technology and remain informed on how it can be improved as technology evolves.

If you’re looking to keep up with the times in terms of technological advancements, don’t miss out on the rest of this blog for more!

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