Audit And It Audit Industry Terms

1498 Words Apr 13th, 2016 6 Pages
Spring 2016 CIS 584 ISHAN FAFADIA
Prof. Wasley HW 1: AUDIT AND IT AUDIT INDUSTRY TERMS 04/13/2016
1. Financial (Substantive) Audit: A financial audit is an independent, objective assessment of an organization 's financial reports and financial reporting forms. The primary purpose for financial audits is to give regulators, stakeholders, administrators, and managers rational assurance that financial statements are precise and complete. The purpose of a financial statement audit is to add believability to the reported budgetary position and execution of a business. The Securities and Exchange Commission requires that all substances that are freely held must record yearly reports with it that are inspected. Thus, moneylenders commonly require a review of the budgetary articulations of any substance to which they loan stores. Suppliers may likewise require examined money related explanations before they will to expand exchange credit (however typically just when the measure of asked for credit is considerable.
2. IT Audit: Information Technology audit figures out if IT controls secure corporate resources, guarantee information respectability and are adjusted to the business ' general objectives. IT evaluators analyze physical security controls, as well as general business and money related controls that include data innovation frameworks. Since…
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