Information technology controls and audit

Understanding who has-and actually needs-access to key information is vital to ensuring data integrity. So, if your organization is trying to implement more stringent internal controls, you might be asking yourself where to start.Дeloitte identifies three main areas to focus your internal control efforts: Most importantly, deficient internal controls could ultimately result in a financial misstatement that could have widespread implications throughout your organization. ITGC deficiencies may also increase the cost and effort needed for financial audits as additional audit procedures will be required. Disclosures delays or potential data integrity issues can have a harmful effect on your organizationвЂ™s brand and reputation. Poor internal controls hurt your ability to prepare and report accurate financial data, which can delay your financial closing process. The risks of not having reliable data through proper ITGC or GITC implementation are numerous-and they are critical. Reliable data and processes help protect organizations against the risk of cyber threats.ДЄutomated controls like access controls, segregation of duties, calculations, and input and output controls require standards like ITGC in order to function properly. In todayвЂ™s data-driven environment, regulators are expecting reliable financial information, while business stakeholders seek transparency and more specific information from business leaders. The evolution of business also means more complex business models and technology. Management can only drive business performance and decision-making using reliable processes and financial data.Д«usiness organizations face increasing complexity when it comes to financial reporting. Well-managed organizations are built on effective controls that ensure streamlined operations functions, legal and regulatory compliance, and proper financial reporting. ITGC and GITC also help with financial audits by helping to ensure information is not altered, minimizing the risk of fraud, waste, and abuse.ДЄ recent report from Deloitte identified six key reasons why ITGC and GITC are important tools for ensuring integrity in business operations and reporting ITGC and GITC help to assure key members of your organization as well as external parties such as regulators, audit committees, and auditors, that business processes and data are being used with integrity. In short, ITGC and GITC are standards for reviewing the quality and integrity of IT setups in support of financial audits.Дata and technology are only useful if they are reliable. ThatвЂ™s why, as part of their regular auditing practices, many organizations have adopted Information Technology General Controls (ITGC) or General Information Technology Controls (GITC). ThereвЂ™s no doubt that technology has transformed the way we live our lives and do business.ДЇrom streamlining operations and automating key processes, to collecting and analyzing important data, todayвЂ™s technology environment is allowing businesses across all industries to work more efficiently and perform better.Д«ut thereвЂ™s a flipside to the growing role of technology in business.Дata security and integrity, for instance, will increasingly be major concerns for organizations as they rely on IT to perform more and more vital functions. Lease Accounting, Transition Accounting.

Information technology controls and audit