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Fundamentals of Information Systems

8th Edition
Ralph Stair + 1 other
ISBN: 9781305082168
Textbook Problem

Why is auditing so important in a financial MIS? Give an example of an audit that failed to disclose the true nature of the financial position of a firm. What was the result?

Program Plan Intro

Describe the importance of auditing in a financial MIS.Provide an example where an audit failed to disclose the true nature of the financial position of a firm and mention the result of failure.

Program Explanation

Financial Management Information system is to provide financial information for executives and a broader set of people who needs to make better decisions on daily basis. It also integrates financial and operational information from multiple sources. In financial MIS, auditing is important because it analysis the financial condition of the organization and determine whether the reports and statements generated by the financial MIS are accurate and also provide opinion that these statement are as per specified criteria.

Example of where audit failed to disclose the true nature of financial position of a firm− auditors in China 's financial market- It was after the outbreak of financial crisis in China when auditors were blamed for their inability to predict the failure of the companies...

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