An IS audit consultancy can help the organisation check the functioning of their operations, practices, and controls.

Types of IS audits:

The different types of audits, in general, include internal audits, external audits, and third-party audits. For the information system, the audit can be classified into different types, such as:

• General control audit: This type of audit involves the development of the system, operation of the system, maintenance, and security of an application. It also includes the review of an operating system, data centre, policies, and procedures.

• Application control audit: This type of audit focuses on the evaluation of application input, processing, and output.

• System development audit: It includes the audit of software and system development. It includes all the processes for system development, from gathering requirements to the final product.

• Integrated audit: This type of audit considers the integration of performance or financial teams working together.

• Forensic audit: the audit of the particular system in case of any unusual functioning or suspicious activity.

Steps for an effective IS audit:

Following proper steps in carrying out the IS audit is more important, as it will help to maximise the value of the organisation. The different steps important for an effective audit include:

 Prepare for audit based on mapping to relevant standards: Different audit programmes mention the different practices, frameworks, and standards. The organisation should plan the IS audit based on their needs. They can tailor the audit plan specific to their organisation based on their application and information system environment. For designing the audit programme, the organisation needs to include complete information, tests, and procedures for the audit. This planning phase of the audit is crucial and has been made mandatory by some regulatory authorities.

 Define IS audit scope and objective: On identification of the standards and requirements, the next step of the audit is to define the scope of the audit and the objectives to be considered. As per the ISACA programme, 21 predefined controls map to the 7 different control objectives. These objectives help to address the framework, process management, identification and assessment of events, response, and monitoring of remedial plans. The scope and objective of the audit plan can be defined based on the specific theme of the audit.

 Prioritising controls and line up with budget: For carrying out the effective audit, the auditors need to identify the organisation’s existing controls. They also need to identify their potential weaknesses. When assessing the risk in each process, it is important to prioritise the areas that require the most attention. They also need to consider the budget based on the controls. Grouping different objectives will simplify and also help in proper budgeting.

 Testing of controls: This testing step is the most intensive. In this step, different tests are taken to review the different controls. For each of the controls, the risk is identified, if any, and an assessment is carried out. Suitable action is taken considering the benefits, risks, and costs incurred.

 Consolidation of results: On completion of the testing, the next step is to have a comprehensive view. The final result helps the management understand the weak areas of their organisation. It also highlights the potential impacts of these weak areas.

An organisation should consider these steps to carry out an effective IS audit consultancy that will help the company improve its business.