PwC Cyprus has recently launched new Information Technology (IT) Internal Audit (IA) services to support organisations troubled with the risks associated with growing reliance on IT systems.
Even though the importance of IT risks is gaining ground, few companies understand the full degree of their operational dependence on computer systems and the role that IT plays in shaping their firm’s strategies. It is therefore increasingly critical that Internal Audit focus their IT audit effort on the things that matter and communicate those issues in an easy to understand way.
Information Technology Internal Audit services can help organisations and internal audit functions, navigate IT challenges, manage organisation-wide risks, and elevate the role of IA. These services were designed to support members and stakeholders of organisations such as CEOs, Audit Committees, Chief Financial Officers, Chief Information Officers, Chief Technology Officers and Compliance Officers to effectively meet their responsibilities and address their IT related concerns.
IT risks typically arise in areas such as IT Governance, IT Applications and IT Technical Controls especially today that organisations are more than ever depended on integrated systems. IT projects must ensure that there is a link between business and IT while new regulations may require the attention of the IT department. The way organisations safeguard their information is coming under increased scrutiny as new and heightened threats, vulnerabilities, and greater uncertainty must be effectively managed.
IT risks not effectively addressed may result to history of failed projects, regulatory sanction and reputation damage, increased costs, poor quality management information, fraud and difficulties in complying with regulation and loss of leveraged benefits across the organisation.
PwC’s IA methodology also identifies significant IT risks, the impact of which is both operational and financial in nature and as such represents a key area of focus for both IT and financial management within any organisation. In addition, peer group comparison provides insight into how other industries are managing their IT allows organisations to identify areas for improvement. An organisation’s IT risk profile is compared against peers in key areas, quickly producing a benchmark of relative risk maturity against up to 600 other organisations.
For more information you may visit www.pwc.com.cy/technology-consulting
Even though the importance of IT risks is gaining ground, few companies understand the full degree of their operational dependence on computer systems and the role that IT plays in shaping their firm’s strategies. It is therefore increasingly critical that Internal Audit focus their IT audit effort on the things that matter and communicate those issues in an easy to understand way.
Information Technology Internal Audit services can help organisations and internal audit functions, navigate IT challenges, manage organisation-wide risks, and elevate the role of IA. These services were designed to support members and stakeholders of organisations such as CEOs, Audit Committees, Chief Financial Officers, Chief Information Officers, Chief Technology Officers and Compliance Officers to effectively meet their responsibilities and address their IT related concerns.
IT risks typically arise in areas such as IT Governance, IT Applications and IT Technical Controls especially today that organisations are more than ever depended on integrated systems. IT projects must ensure that there is a link between business and IT while new regulations may require the attention of the IT department. The way organisations safeguard their information is coming under increased scrutiny as new and heightened threats, vulnerabilities, and greater uncertainty must be effectively managed.
IT risks not effectively addressed may result to history of failed projects, regulatory sanction and reputation damage, increased costs, poor quality management information, fraud and difficulties in complying with regulation and loss of leveraged benefits across the organisation.
PwC’s IA methodology also identifies significant IT risks, the impact of which is both operational and financial in nature and as such represents a key area of focus for both IT and financial management within any organisation. In addition, peer group comparison provides insight into how other industries are managing their IT allows organisations to identify areas for improvement. An organisation’s IT risk profile is compared against peers in key areas, quickly producing a benchmark of relative risk maturity against up to 600 other organisations.
For more information you may visit www.pwc.com.cy/technology-consulting
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