CAN AUDITS BECOME DYNAMIC?
In the fast changing world of inner wheeling dealings of technology, financial system being completely transformed, conventional systems completely gone to the winds, is it not imperative for the watchdog called Audit to become dynamic. Audit is way of checking systems, bringing the flaws to light, rectify and improve and also punish people who are out to evade or into out right racketeering. Audit is a conventional tool to deliver stable results through a time tested method. The world has changed beyond recognition, will audit has to reinvent itself.
Lots and lots of areas remain out of purview of audit and certainly outside the legal audit, those areas making huge impact on our very existence itself. Few areas we might not find auditors as well. So many areas have to mandated to come under the purview of audit. So many new areas were opened to auditors like the ones done by International Atomic Energy Agency and few other agencies in areas which the UN mandates. Same trend needs to take place in large areas of business & general existence.
Take the case of Facebook and other social media giants, is there not a need to audit their softwares & algorithms for implementation of the Data Regime in place. Is there not a need foe the whole lifecycle of data in these companies to be audited? The future of a safe and sane world is dependent on such audits which would impact positively the lives of billions of user. We need the legal mandate and the auditors. The audit mechanism has to fall in place and has legal linkage have to be defined. The periodicity, the rewards & the punishment.
How does the GDPR move further in the absence of an intense legal audit mechanism? Complaints and consequent judicial trails would not be even the tip of the iceberg. Rulings can be created and quoted globally, but does the scenario change and the companies come under strict regulatory control. The control is at the technology level; business logic & software based controls; a well thought out audit is the only answer.
THE IT WORLD NEEDS IMAGINATIVE & DYNAMIC AUDIT, UNIFORMALY, GLOBALLY LEGALLY MANDATED.