Audits Made Simple

Abstract

A company just got notified there is a big external audit coming in 3 months. Getting ready for an audit can be challenging, scary, and full of surprises. This Gold Paper describes a typical audit from notification of the intent to audit through disposition of the final report including Best Practices, Opportunities for Improvement (OFI), and issues that must be fixed. Good preparation can improve the chances of success. Ensuring the auditors understand the environment and requirements is paramount to success. It helps the auditors understand that the enterprise really does think that security is important. Understanding and following a structured process ensures a smooth audit process. Ensuring follow-up on OFIs and issues in a structured fashion will also make the next audit easier. It is important to keep in mind that the auditors will use the previous report as a starting point. Now the only worry is the actual audit and subsequent report and how well the company has done. “Virtualization, mobilization, and cloud technology have created new points of entry into business, leaving them vulnerable to covert cyber-attacks,” states a report by Ernst & Young. Executives are struggling with the potential for a data breach, and resolving this business risk is high on their agenda. While most audit committee members are financially solid, they lack knowledge of technology issues, making understanding of this risk difficult. Success with an audit helps management understand the risk management is accepting, highlight gaps in security, and generate ideas on how to improve. These results are an important aspect of managing the business risk.