In today's digitally enabled business landscape, Information Technology General Controls (ITGCs) have become an indispensable component of a robust internal control environment.
The increasing reliance on IT infrastructure to support business processes has rendered ITGCs essential for nearly all organizations. The pervasiveness and impact of technology have created a scenario where companies must prioritize the implementation of effective ITGCs.
Several frameworks are available for implementing ITGCs, including the COBIT framework from ISACA. However, when developing a program focused on ITGCs for internal controls over financial reporting (ICFR), it is crucial to ensure that the emphasis is placed on IT applications that support financial transactions processing and reporting.
While it is good practice to implement ITGCs across the entire IT infrastructure landscape, this is typically an operational matter that requires careful consideration and planning.
Securing IT infrastructure for ICFR necessitates a comprehensive approach that encompasses the full stack, including application layer, underlying database, operating system, and network layer. This holistic security posture ensures that all aspects of the IT infrastructure are protected from potential threats, thereby maintaining the integrity and reliability of financial reporting processes.
Where critical IT services are outsourced, obtaining and assessing a SOC audit report is usually compulsory.
For organizations seeking to establish a best-in-class ITGC program tailored to their specific needs, we invite you to contact us. Our first consultation is complimentary, and we look forward to providing you with expert guidance on implementing an effective ITGC program that meets your organization's unique requirements.
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