Explain the importance of establishing the audit schedule and budget. Include what this step entails and how it fits in the overall IT Audit process.

Answer

IT audit is the examination and the evaluation of the companies or the organization information

technology infrastructure as well as the policies and operations. IT audits determine whether the

IT controls of the company or the organization (Moeller). Many organizations have embraced IT

audits no matter their size since they have realized the importance of the audit in order to stay

ahead of the other competitors in the market. Companies have greatly invested in the information

systems since they have discovered the numerous benefits this can bring in their operations.