Information technology can be both the cause of fraud and the solution to it. Auditors use information technology to do an audit, such as using computer software to collect records.
Information technology is now at the core of a company’s business strategy. While many companies count on information technology to curb fraud, it also increases risks. The use of information technology can lead to unauthorized access to important company data and information. This could result in someone’s ability to record nonexistence transactions or change information that has already been sent to your systems. Additionally, because the use of accounting software requires technical expertise, it is easier for those who know how to use it to change the controls. These risks increase fraud in financial statements.
Cybercrime is of major concern to companies using the internet for parts of their operations. Cybercriminals are able to combine their computer skills with social engineering in order to access critical company information and personal data. Hacking techniques, such as phishing, has become a major concern. Hackers are keeping up with cyber security, and organizations must ensure that they do as well. As the business environment is increasingly relying on information technology, it’s becoming crucial for coprorations, big or small, to remain aware and vigilant to any technological changes made to their systems in order to prevent fraud. Contact Audit Solutions today to find out how we can help your business protect itself from fraud.
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