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An IT audit is different from a financial statement audit.While a financial audit's purpose is to evaluate whether the financial statements present fairly, in all material respects, an entity's financial position, results of operations, and cash flows in conformity to standard accounting practices, the purposes of an IT audit is to evaluate the system's internal control design and effectiveness.
Similar to an accounting manager, they are usually subordinate to the manager, or report directly to the controller or CFO. In addition to their supervisory role, they will be responsible for monitoring and approving the financial processes and reporting of their department. [3] [4]
The objectives of an external audit or audits being conducted by someone not part of the business, is when one business audits a different business to determine if the accounting records are complete and correctly prepared according to GAAP (GAAP is the highest U.S. power on accounting standards and they must be followed by jurisprudence when preparing financial information for businesses ...
An auditor looks into the probability that operations of the organization can be sustained at the level that is assumed in the plan, and the ability of the entity to actually establish operations at the site. The auditor can verify this through paper and paperless documentation and actual physical observation.
Management accounting information differs from financial accountancy information in several ways: . while shareholders, creditors, and public regulators use publicly reported financial accountancy, information, only managers within the organization use the normally confidential management accounting information
IT managers have a lot in common with project managers but their main difference is one of focus: an IT manager is responsible and accountable for an ongoing program of IT services while the project manager's responsibility and accountability are both limited to a project with a clear start and end date. [18]