Integrating IT and Financial Audits: Bridging the Gap between IT Controls and Financial Reporting

Authors: Shiksha Rout

DOI: https://doi.org/10.5281/zenodo.14065090

Short DOI: https://doi.org/g8qnwq

Country: India

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Abstract: The integration of IT and financial audits is crucial in today’s digitally driven business environment. This article explores the interplay between IT controls and financial reporting, emphasizing how IT audits significantly enhance the reliability and accuracy of financial audits. As financial reporting increasingly relies on system-generated data, the role of IT auditors in evaluating system controls becomes critical to ensuring data integrity. By bridging the gap between IT and financial audits, organizations can better safeguard against reporting inaccuracies and mitigate risks associated with IT system weaknesses. This article examines into the methodologies that strengthen collaboration between IT and financial audit teams, highlighting how a robust IT audit can validate the completeness and accuracy of system-generated reports. This integrated approach not only improves the quality of financial statements but also enhances regulatory compliance and organizational transparency.

Keywords: IT audit, financial, IT controls, financial reporting, system-generated reports, data accuracy, data completeness, audit integration, audit quality, regulatory compliance

Paper Id: 231528

Published On: 2024-11-10

Published In: Volume 12, Issue 6, November-December 2024

Cite This: Integrating IT and Financial Audits: Bridging the Gap between IT Controls and Financial Reporting - Shiksha Rout - IJIRMPS Volume 12, Issue 6, November-December 2024. DOI 10.5281/zenodo.14065090

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