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IT as a Key Audit Matter


Information technology is an integral component of most organisations’ business operations, with individuals and societies placing ever-increased reliance thereon. IT brings with it significant benefits but also significant risks which impact directly on how entities conduct business.

The rapid evolution of the IT landscape, coupled with the Fourth Industrial Revolution, creates a new dimension for entities, bringing opportunities as well as challenges and risks. Recent data breaches and hackings have highlighted the importance of IT and IT risk for an organisation and its auditors. Examples of such hackings include the Gupta leaks and the June 2018 Liberty hacking of data stored on a compromised email server.