Financial auditing is determining whether an entity’s financial information is presented in accordance with an applicable financial reporting and regulatory framework. During a financial audit, auditors look for misstatements and errors that can have a material impact on the information presented in the financial statements. Misstatements or errors are considered material if they impact the decisions of the intended users of the financial statements.
Performance audit is an independent assessment of a program, function, operation or the management systems and procedures of a governmental entity to assess whether the entity is achieving economy, efficiency and effectiveness in the employment of available resources and that value of money is being achieved. . Performance auditing seeks to provide new information, analysis or insights and, where appropriate, recommendations for improvement where applicable.
Performance auditing promotes accountability by assisting those charged with governance and oversight responsibilities to improve performance.
Performance auditing promotes transparency by affording Parliament, taxpayers and other sources of finance, those targeted by government policies and the media an insight into the management and outcomes of different government activities. It thereby contributes in a direct way to providing useful information to the citizen, while also serving as a basis for learning and improvements.
Performance auditing constructively promote economical, effective and efficient governance.
IT Audit is the process of deriving assurance on whether the development, implementation, support and maintenance of information systems meets business goals, safeguards information assets and maintains data integrity. In other words, IT Audit is an examination of the implementation of IT systems and IT controls to ensure that the systems meet the organization’s business needs without compromising security, privacy, cost, and other critical business elements.
Further, of IT Audits is to ensure that the IT resources allow organizational goals to be achieved effectively and use resources efficiently. IT audits may cover IT applications, IT operations, IT governance, ERP Systems, IS Security, acquisition of the business solution, System Development, and Business Continuity – all of which are specific areas of IS implementation, or could to look at the value proposition the IS Systems may have fulfilled.
