Why is internal audit necessary?
An internal audit (IA) is an important milestone in the growth of your business as it offers crucial insights into your computing system, its overall functionality, potential security risk areas and their probable solutions. And this is irrespective of the size of your business or the type of industry, in which your company specializes, as internal audit is crucial for every industry . Complacency in today’s world of fast-paced technology could have damaging consequences as cyber criminals are a potential threat to the security of your business. The value of internal audit and the advantages it offers may not be readily visible, but the fact persists that it plays a vital role in operational enhancement. An IA has become an important component of proactive, forward-thinking decision makers, who strive for reducing the organizational risks. Internal audit is though, important for all the industries, it’s not a one size-fits-all solution.
How is internal audit, beneficial for the business?
Many company owners ask, why should I subject to my organization to additional audits? And the answer is simple. A well-performed internal audit definitely adds value to the organization. According to the Institute of Internal Auditors (IIA), ‘an internal audit is an independent, objective assurance, and consulting activity, designed to add value to the organizational operations’. An internal audit helps an organization accomplishing its objectives, by bringing a disciplined and systematic approach to evaluate and improve the efficacy of the risk management. Besides improving the effectiveness of the risk management, it also betters controls and governance processes. As told, IA is important for all the industries as size of the business makes no difference to seasoned cyber criminals.
Monitoring the computing system: Whether you manage or monitor the technology of the computing system for an insurance company, a healthcare facility, financial institutions, or an accounting firm, you need to be extra vigilant as you’re handling highly sensitive clients’ data. An internal audit however, takes things several steps deeper to detect, technological security risk. It helps you managing the red zones, quickly, swiftly, accurately and completely. Internal audit also helps measure your practices and processes against the proposed ones, and make necessary corrections.
Reduce the risk of data breach: Internal audit successfully reduces the risks of data breach and other concerns related to cyber security. Internal audit detects the soundness of your network, to help against cyber attacks and other such breaches. This helps you getting an insider’s view on the health of your computing system, besides its ability to stave off cyber attacks. . Internal audit assists protecting your internal network. It detects vulnerabilities within your computer system, saving important information secured in your computers.
Monitor mobile technology security: A thorough mobile technology internal audit helps you report stolen or lost devices besides insights on the mobile technology. This also offers you an opportunity to ensure that each device features encryption protecting sensitive data. Once you begin practicing internal audits, you’ll discover a huge range of multiple benefits. And this includes defining and maintaining robust and consistent social media policies, keeping your higher-ups aware of the health of the computing systems and overall technology.