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Information Technology (IT) Audit 

The importance of an IT audit

An Information Technology (IT) audit is the examination and evaluation of an organisation’s IT infrastructure, policies and operations. This is extremely important in an era where technology is rapidly evolving and the risks of a cybersecurity breach and attacks are constantly increasing. Businesses should constantly evaluate their IT controls to protect corporate assets and ensure data integrity. 

IT Audit Domains 

Cybersecurity/ information security 

With the advancement of technology, organisations are faced with an increasing number of regulations and internal corporate requirements to exhibit appropriate management and protection of information assets. 

Data Location and traceability 

Accounting for the data used by the organisation, where they are located and how they are secured. Maintaining a record for various types of data, how they are interfaced between systems and what transformations were applied in the process.

Evolving digital technology and automation 

An increasing number of businesses are investing in advanced technologies. Although this reaps benefits for the company when it comes to efficacy and accuracy, however, this comes with higher risks of data breaches and system failures. 

Regulatory compliance 

Cybersecurity and privacy are a huge concern to many. Regulatory and data protection laws have been put in place to protect the privacy of employees and clients. Therefore, companies must create good policies to prevent data breaches.

To know more about data protection in Singapore, click here. 

Core IT Operations 

Strengthening a company’s core IT operations against cyber threats is a top priority. Firms should develop effective risk-management structures to identify, assess, monitor and manage operational risks. 

 

Information adapted from ISACA

Why you should choose ForBis 

Our professionals at Forbis have at least 10 years of experience in IT audit. We are able to provide holistic audits that include finance and process efficiency. Risk analysis will be done before embarking onto new projects. 

 

Enterprise Development Grant (EDG)

The EDG supports Singapore companies in their growth and transformation. EDG mainly supports projects that help companies to upgrade their businesses, innovate, expand/venture into other countries, under three pillars, namely Core Capabilities, Innovation and Productivity as well as Market Access.

EDG funds qualifying project costs (e.g. third party consultancy fees, software and equipment, and internal manpower) for organizations. 

EDG helps companies to strengthen their HR capabilities by providing support levels of up to 80% for SMEs, up to 60% of qualified costs for non-SMEs from 1st April 2020 to 31st December 2020. However, EDG does not cover costs incurred from standalone training courses, incentives, benefits and welfare subsidies for employees.

EDG provides resources such as HR Diagnostic Tool, HR Portal, Talent Attraction and Development Initiatives, as well as HR Industry Manpower Plan, which helps to further engage employees. 

 

For more information, read more here. 

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