It is a common occurrence today to find many organizations investing more and more resources – money, time, staff, etc. – into technology. Consider a relatively small retail company, for example, that’s focusing on expanding its website and online ordering capabilities while also building web-based platforms that can function seamlessly on a variety of popular mobile devices. At the same time, this company also must manage a broad and growing range of risks related to security and privacy; regulatory compliance; federal, state and local laws; use of social media by employees; and information technology (IT) infrastructure stability, among many other areas.
What is internal auditing?
About Internal Audit
The internal audit profession, through The Institute of Internal Auditors (IIA), has continued to redefine itself as business risk and organizational complexity have evolved. So, what is internal auditing? Prior to June 1999, The IIA defined internal auditing as follows:
Internal auditing is an independent appraisal function established within an organization examine and evaluate its activities as a service to the organization. The objective of internal auditing is to assist members of the organization in the effective discharge of their responsibilities. To this end, internal auditing furnishes them with analysis, appraisals, recommendations, counsel and information concerning the activities reviewed. The audit objective includes promoting effective control at reasonable cost.
Today, The IIA uses the following definition:
Performance is defined as the throughput of business transactions compared to user needs, expectations or requirements. IT performance risk is the risk that a company’s IT infrastructure will be unable to perform at required levels due to inferior internal operating practices, technology and/or external relationships that threaten the demand for the organization's products or services.
What is design risk? To “design” is to create, fashion, execute or construct according to plan. The term design as used here refers to the entire scope of a project. A business system design is a collection of design documents and supporting materials which define the system functionality that supports one or more business processes and in the process, creates, retrieves, updates and deletes data.
What is Transaction Authenticity?
Transaction authenticity can be defined as the authentication of a party’s (individual, organization) identity, to ensure that pending transactions and contractual agreements are legal and enforceable.
What is Data Analytics?
Data analytics is the practice of embedding insight into operations to drive business strategy and performance.
Electronic discovery (eDiscovery) refers to the process of searching, locating and securing electronic data for the purpose of using it as evidence in a legal case.
The KnowledgeLeader team recently added two risk and control matrices (RCMs) to its tool repository. These RCMs focus on IT-oriented risks and controls.
In November 2013, the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) will formally release long-anticipated updates to ISO/IEC 27001 and 27002. The last time these standards were updated was in 2005.
Add a Comment: