internal audit evidence is all the information the auditor relies on to arrive at any conclusion.
Audit procedure is the process followed while auditing an entity which may include:Confirm the audit assignmentComplete appropriate planningExecute actual internal audit workDevelop a report
Source of evidenceIndependence of evidence sourceEffectiveness of internal controlsOriginality of documentationvailability and existence of documentation
The importance of an internal audit is to make sure that accounts are being handled the way they are supposed to be handled according to the laws of the state. Another reason for an internal audit might be to prevent fraud or theft.
Distinguish between internal audit and internal control.
Internal audit reveals to management whether internal control procedures are duly followed or not.
An internal audit is conducted by an unbiased party within the company. An interim audit (which is an audit conducted before the end of the fiscal year) can be conducted by someone outside the company.
Yes pre audit is the responsibility of internal audit department as external auditors are only auditing the activities after end of fiscal year when everything is complete.
Internal audit is conducted by people from within the company. This is also known as first party audit. External audit is conducted by an independent party. Second or third party audits are external audits.
Internal audit is the name of department who performs the audit while interim audit is the audit which other than statutary audit and it is perform during the fiscal year and it is performed to help the final audit procedures which is done after the completion of fiscal year.
false
false
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.