Gold Magazine December 2013 - January 2014, Issue 33 | Seite 70

internal audit

PwC Cyprus
launches
new IT IA
services
{money}

P

wC Cyprus recently
launched new Information Technology (IT)
Internal Audit (IA)
services to support
organisations troubled
with the risks associated
with growing reliance on IT systems.
Even though the importance of IT risks is
gaining ground, few companies understand
the full degree of their operational dependence on computer systems and the role that
IT plays in shaping their firm’s strategies. It
is therefore increasingly critical that Internal Audit focus their IT audit effort on the
things that matter and communicate those
issues in an easy-to- understand way.
Information Technology Internal Audit
services can help organisations and internal
audit functions navigate IT challenges,
manage organisation-wide risks, and elevate
the role of IA. These services were designed
to support members and stakeholders of
organisations such as CEOs, Audit Committees, Chief Financial Officers, Chief
Information Officers, Chief Technology
Officers and Compliance Officers to effectively meet their responsibilities and
address their IT-related concerns.
IT risks typically arise in areas such as
IT Governance, IT Applications and
IT Technical Controls especially now
that organisations are more dependent than
ever on integrated systems. IT projects
must ensure that there is a link between
business and IT while new regulations may

require the attention of the IT department.
The way organisations safeguard their information is coming under increased scrutiny as new and heightened threats, vulnerabilities, and greater uncertainty must be
effectively managed.
IT risks not effectively addressed may result
in failed projects, regulatory sanctions and
reputational damage, increased costs, poor
quality management information, fraud,
difficulties in complying with regulation
and loss of leveraged benefits across the
organisation.
PwC’s IA methodology also identifies
significant IT risks, the impact of which
is both operational and financial in nature
and, as such, represents a key area of focus
for both IT and financial management

IT risks not effectively
addressed may result
in failed projects,
regulatory sanctions and
reputational damage
within any organisation. In addition,
peer group comparison provides insight
into how other industries are managing