Tech CON Global recently lost a multimillion$-$dollar contract after a client discovered inconsistent transaction records and poor documentation in the company$$s invoicing system. An internal review revealed that the company had never conducted a formal IT audit. Executive leadership is unfamiliar with audit practices and questions their relevance. There$$s also confusion about the differences between audits led by internal staff and those performed by external firms.

You are tasked with providing a report to the board explaining why IT audits are critical and how the company should begin the auditing process.

$$

Task:

$$ Justify the strategic importance of IT audits in modern business operations.

$$ Present an overview of the audit lifecycle from planning to closure.

$$ Differentiate between internal and external IT audits using Tech CON$$s context.