Make It or Break It: The Impact of Information Technology Audit on Efficiency of Modern Economy

Abstract

This paper provides an overview of the adoption and expansion of the Information Technology (IT) following the revolution in the early 1990s. The importance of IT in the financial development has been touched upon drawing inferences from various studies conducted in this field. It has become an indispensible part of the business operation in the modern world. For sustainable development of the IT facilities, IT Audit is inevitable. However, there are certain intricacies to be considered while framing an audit in general, and IT in audit in particular. We mention some of the research suggesting the possible problems and corresponding overcoming of these issues. Therefore, the imperative of further research in this area to come up with ideas about better implementation and designing of audits to overcome the loopholes is tangibly present.