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SOX IT General Controls Audit Checklist

A detailed checklist for auditing IT general controls in financial services companies to ensure compliance with SOX requirements, focusing on access controls, change management, system development, and IT operations supporting financial reporting.

SOX IT General Controls Audit Checklist

by: audit-now
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About This Checklist

The SOX IT General Controls Audit Checklist is a crucial tool for financial services organizations to ensure compliance with the IT aspects of the Sarbanes-Oxley Act. This comprehensive checklist focuses on evaluating and strengthening IT controls that support financial reporting processes. By implementing this checklist, companies can enhance their cybersecurity posture, improve data integrity, and maintain robust IT governance. Regular use of this SOX IT audit checklist enables businesses to identify potential vulnerabilities, ensure system reliability, and demonstrate due diligence in protecting financial information systems.

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Industry

Financial Services

Standard

Sarbanes-Oxley Act (SOX)

Workspaces

IT departments
Data Centers

Occupations

IT Auditor
Information Security Manager
Compliance Officer
Chief Information Officer
IT Governance Specialist
1
Are all access controls to financial systems documented and reviewed regularly?
2
What is the average number of change management reviews conducted per month?
Min: 0
Target: 5
Max: 100
3
Is there a documented cybersecurity incident response plan in place for financial systems?
4
Please provide an overview of the IT governance framework in place for financial systems.
5
Are regular data integrity checks performed on financial systems?
6
Is there a documented change management process for all financial systems?
7
What is the typical time interval (in months) for user access reviews?
Min: 1
Target: 3
Max: 12
8
Describe the training provided to staff on incident response for financial systems.

FAQs

The checklist covers areas such as access controls, change management, system development and program changes, computer operations, and backup and recovery procedures for IT systems supporting financial reporting.

It helps by ensuring that IT general controls are in place and operating effectively to support the integrity of financial reporting systems, thereby meeting SOX requirements for IT-related internal controls.

The audit should involve IT auditors, information security professionals, financial systems administrators, and representatives from the finance department to ensure comprehensive coverage.

The audit should be performed at least annually, with more frequent assessments recommended for high-risk areas or systems that undergo significant changes.

Failing to implement proper IT general controls can lead to material weaknesses in financial reporting, increased risk of fraud or errors, potential regulatory penalties, and loss of investor confidence.

Benefits of SOX IT General Controls Audit Checklist

Ensures IT systems supporting financial reporting are secure and reliable

Helps identify and address IT-related risks and vulnerabilities

Improves overall IT governance and compliance with SOX requirements

Enhances data integrity and confidentiality in financial systems

Facilitates better alignment between IT and financial reporting processes