IT audits catching on fast

Thorough IT audits can make a difference to corporate profits, according to Canadian newspaper The Globe and Mail. Based on the preliminary results of a pair of studies done at the University of Waterloo, the article points to a 20% higher return on assets in companies with good IT controls versus those with weaknesses.

Additionally, researcher Professor Efrim Boritz said the same increased performance was seen in companies with greater IT knowledge and good IT-governance policies in management ranks and on the board of directors.

Accenture's MD of strategic management and technology Wayne Ingram said the average Canadian company spends 48% of its IT budget maintaining aging or legacy systems. By comparison, those with the best IT policies spend 30% to 35%.

There is a strong need to draft the best code of practices for IT governance, according to Pakistan's The News.

Huma Pasha, chief internal auditor of Hubco, addressing a seminar on Cobit, told participants that India has more than 50 companies listed on their stock exchange that are providing IT services. In comparison, Pakistan's figures are insufficient.

HBL senior VP Abdul Rasool Hoodbhoy, also speaking at the seminar, says for many organisations, information - and the technology that supports it - represents their most valuable, but often least understood asset.

An article in TechNewsWorld suggests that as the role and importance of governance is growing, its different disciplines could be nearing a "mash-up".

Noting the growth of governance, risk and compliance (GRC) platforms, as well as service-oriented architecture (SOA) governance approaches, the article asks whether these capabilities could converge - if not technically then at least operationally.

Quoting various IT analysts, and a link to the discussion, the article highlights parallel yet disparate tracks for IT governance, the growing role of SOA governance and vendor efforts to create platforms that enable tools to be plugged in.