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internal audit evidence is all the information the auditor relies on to arrive at any conclusion.
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∙ 11y ago
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What is audit procedures?
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
Factors affecting sufficiency and appropriateness of audit evidence?
Source of evidenceIndependence of evidence sourceEffectiveness of internal controlsOriginality of documentationvailability and existence of documentation
What is the importance of audit evidence?
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.
Difference between internal audit and internal control systems?
Distinguish between internal audit and internal control.
The impact of internal audit on organization?
Internal audit reveals to management whether internal control procedures are duly followed or not.
What the Difference Between Internal Audit and Interim Audit?
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.
Is pre audit is a internal audit function?
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.
What is Internal audit an external audit?
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.
What is the difference between internal audit and interim audit?
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.
When there is a statutory audit introduction of internal audit is not necessary at all?
false
When there is a Statutory Audit introduction of Internal Audit is not necessary at all.?
false
What are the advantages in having an audit committee?
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
