Question

Define and provide real world examples of successful implementation of IT framework audit

Answer 1

“An IT framework is an evaluation and examination of an organizations Informational technology infrastructure, policies, and operations. The IT audit will determine the efficiency of the IT controls and if they protect the corporate assets, ensure the integrity of the data and are aligned with the overall goals of the business.”

The data security audits and IT framework compliance and efficiency levels are audited in Banking industry like Bank of America, Investment companies like Franklin Templeton, retail industry like Wal-Mart, online portals like Google and Yahoo and E-commerce like Amazon industries regularly.

The IT framework audit covers the following aspects of the business:

• Security and integrity of the accounting, customer data and supporting systems
• Evaluates who has access to usernames, passwords, assigned rights are reviewed
• Evaluate the security of data exchanged between systems
• Periodic review of security and user rights in accounting, customer-related data, and related systems.
• Evidence of documents for plans for testing, training, and implementation and changes to the key systems.
• Evaluate the software and the processes that feed information into the system

To conclude the focus is on reviewing who has access to the accounting system, customer data, and related systems. Further, they verified if the systems were accessed only by authorized key users with administrative rights. They reviewed the control and structure of the IT department.