Facing an IT Audit - How would your institution fare?

It's always sitting there like the 800-pound gorilla in the room - the upcoming IT Audit at the institution. No one asks if it's still there, because we all know it is. We've all gone through at least one IT audit, some successfully, others of us have been handed a list of recommendations from our auditors.

One of the drivers behind an IT audit is the list of 114,000 new regulations (according to the OMB) passed in the U.S. since 1981, and these regulations include the Sarbanes Oxley Act (SOX). SOX is more than just 404 documentation. From proper retention, retrieval and disposition of audit data to corporate responsibility for financial reports to real-time disclosure, SOX places a comprehensive compliance burden on a financial instit