Information system : An information system is a system which provides the necessary information to an organization to achieve the goals. It monitors the transactions details, provides the required information to decision makers, and provides necessary documents to customers. The main components in the information system are people, data, procedures, hardware, as well as software. The main function of information system is to accept and process the input data and then stores the retrieved information and distributes it across the organization. Importance of auditing: Auditing involves analyzing of financial condition for an organization. It determines whether financial statements and reports produced by financial MIS are accurate. The sound auditing procedures are required. It can reveal potential fraud. It can reveal false or misleading information. Example of audit: The financial statements such as income statements and balance sheets are been used by many people as well as organizations. The sound auditing procedures are been required in this case.

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Chapter 10, Problem 1WE

Program Plan Intro

Information system:

An information system is a system which provides the necessary information to an organization to achieve the goals.

It monitors the transactions details, provides the required information to decision makers, and provides necessary documents to customers.

The main components in the information system are people, data, procedures, hardware, as well as software.

The main function of information system is to accept and process the input data and then stores the retrieved information and distributes it across the organization.

Importance of auditing:

Auditing involves analyzing of financial condition for an organization.

It determines whether financial statements and reports produced by financial MIS are accurate.

The sound auditing procedures are required.

It can reveal potential fraud.

It can reveal false or misleading information.

Example of audit:

The financial statements such as income statements and balance sheets are been used by many people as well as organizations. The sound auditing procedures are been required in this case.

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