Financial vs. CIS Audit in Auditing

Auditors only seek evidential matter that refutes management assertions.

The task of the auditor is to establish audit objectives, design procedures, and gather evidence that refutes managements assertions.

Assessing materiality in an audit is solely based on objective criteria.

Substantive tests in an audit determine whether internal controls are functioning properly.

The basic components of an audit include Existence or Occurrence, Completeness, and Reliability.

In the IT environment, auditors gather evidence relating to the reliability of computer controls and the contents of databases processed by manual procedures.

Financial auditing ensures that an organization's internal controls and policies are in compliance with industry requirements only.

CIS audit focuses on the physical aspects of an organization's information system.

In financial audits, GAAS is applied to ensure the accuracy of financial statements.

IT audits are typically not a significant component of all external (financial) and internal audits.

Conducting an audit in an IT environment does not require a systematic approach.

A logical framework for conducting an audit in an IT environment is not considered critical to help the auditor identify all important processes and data files.