Question
Traditionally, the word audit has been associated with accounts. The dictionary meaning of the word audit is: Verification of records of financial transactions and inspecting
Traditionally, the word audit has been associated with accounts. The dictionary meaning of the word audit is: "Verification of records of financial transactions and inspecting them for being in accordance with organization's policies and procedures". However, today it has broaden its meaning to include all the aspects of business processes to mean the "Verification of processes that originates and puts through the business transactions". The word transaction has also had broad meaning as; "Any input into the process that changes the status of data or provides output". It could be a decision by management, deployment of technology, or providing services to the customer.
Conduct an analysis on the differences between Information Systems Audit and Financial Audit. Support your explanation with appropriate diagrams.
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