System Audit in UAE
Big or small, public or private, free zone or mainland, companies are required to conduct several audits on their internal controls, existing systems and financial statements from time to time to acquire management and financial information which is imperative to keep track of everything that can make or break their business. System audit aka IT audit and information system audit is one of them. An all-encompassing analysis of everything that falls into the category of technology infrastructure used by a business, especially the financial and operational system is what we call system audit. It usually involves the structure, the system to safeguard the information, the security mechanisms intended for shielding the information and maintaining the integrity of financial data. The system audit process completes in 6 steps:
- System review
- Weighing vulnerability of information system
- Detection of potential threats
- Examination of internal controls
- Final evaluations
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System Audit: Benefits
A system auditor ensures that the auditee’s information system is effectively placed and functioning properly in line with the objectives of the management. In a nutshell, a system audit tells the auditees how they can improve the productivity, efficiency, and efficacy of the system. Conducting a system audit is beneficial because it –
- Betters transparency and provides the organization with an overview of the current information system
- Lowers down the chances of fraud and errors
- Enhances reliability by covering a range of threats and mitigating them
- Helps secure data by way of identifying risks so that the audited organization redesigns or strengthens the poor design
- Perks up efficiency in business operations
- Detects the loopholes in the system
- Brings to light the risky areas in the system security, so management can act proactively and plan before any incident
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