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The practice of outsourcing IT has experienced consistent growth for several years. Enterprises are choosing to concentrate on their core capabilities, cost reduction and the ability to tap into specialized resources. This situation creates a need for an outsourced IT audit program that provides management with an assessment of the effectiveness of numerous aspects of an outsourced IT strategy. The Outsourced IT Audit/Assurance Program focuses on top-level governance, guidelines and procedures, as well as implementation of these controls.
Objective—Provide management with an evaluation of the effectiveness of outsourced IT strategy, selection, onboarding, relationship maintenance and optimization and other controls. The audit/assurance review relies upon other operational audits of the procurement process, IT governance, third-party vendor management risks, security management and awareness, business continuity management, information security management, and governance and management practices of both IT and the outsourced IT vendor.
The program covers:
- Governance and risk assessment processes and cost benefit analysis effectiveness prior to engaging outsourcing IT model
- Internal controls and requirements for the selection process of outsourced IT vendor
- Appropriate steps to manage the transition from in-house to outsource provider of IT services
- Key monitoring and quantitative controls of the service delivery from the outsourced IT provider