IT Audit & IT Assisted Audits #InformationTechnology Controls Regulations on Audit & Accounts| Ch-3

This part discusses the main aspects of IT systems considered during an audit. These include IT governance and management, control criteria and attributes applicable to information (e.g., effectiveness, efficiency, integrity), IT resources (applications, information, infrastructure, people), IT controls (general and application controls), information security, and processes for IT.

This section introduces the concept of auditing in an Information Technology (IT) environment as per Chapter 3 of the Regulations for Audit and Accounts 2020. It covers what is included in IT environment audits: IT audits, IT-assisted audits, or both.

The video clarifies the difference between IT audit and IT-assisted audit. An IT audit refers to the auditing of IT systems themselves, checking their development, implementation, and maintenance. An IT-assisted audit involves using IT systems and tools to perform other types of audits, such as financial, compliance, or performance audits.

The purpose of an IT audit is to ensure that IT systems are effectively meeting organizational goals, safeguarding information assets and data integrity, and operating without compromising security, privacy, or cost. It also assesses the reliability of data maintained by the IT information system.

The scope of an IT audit encompasses governance and management, planning for IT systems, acquisition, development, and implementation of systems, application controls, operations and maintenance of existing systems, change management, IT outsourcing, information security, risk management, and disaster recovery and business continuity planning.

IT audits are conducted at various stages of an IT system's life cycle, including planning, requirement specification, procurement, design, development, testing, implementation, operations, and maintenance. Comprehensive documentation of each stage is crucial for the audit process.

The video emphasizes the importance of IT audits, especially when new IT systems are implemented or changes are made to existing ones, to establish data integrity and reliability. The audited entity is responsible for providing all necessary information about their IT systems, platforms, and mobile applications.

IT-assisted audits involve using IT tools alongside traditional data analysis tools to conduct various audits. This includes analyzing provided data, checking the adequacy and effectiveness of both IT and non-IT controls to ensure data reliability, and utilizing insights for audit planning, execution, and reporting.