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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.
What is audit committee?
Audit Committe enhance communication between Internal Audit, External Audit and CFO. Audit Committe assist directors to avoid litigatio risk.
What is the differencebetween internal and external auditors?
External Audit means which seeks to test the underlying transactions that form the basis of the financial statements. Internal audit is a function that, although operating independently from other departments and reports directly to the audit committee.
What resources does the American Institute of Certified Public Accountants' Audit Committee Effectiveness Center provide?
The components of the center are the Audit Committee Toolkits (corporate, not-for-profit, and government), Audit Committee Matching System, Audit Committee e-Alerts, and a bank of materials containing information for and about audit committees.
Who performs an operational audit?
internal auditors perform an operational audit as part of their assurance services they render to oganisations.
Who Perform operational audit?
internal auditors perform an operational audit as part of their assurance services they render to oganisations.
Who should internal audit department report to?
The internal audit department should ideally report to the board of directors or an audit committee within the board, rather than management. This structure helps ensure independence and objectivity in the audit process, allowing auditors to provide unbiased assessments of the organization's risk management, control, and governance processes. Reporting to the board also fosters transparency and accountability, enhancing the overall effectiveness of the internal audit function.
Difference between internal audit and internal control systems?
Distinguish between internal audit and internal control.
Who is responsible for making sure an organization's internal control system is adequate?
The board of directors and its audit committee have responsibility for making sure the internal control system within the organization is adequate
What is internal audit audit evidence?
internal audit evidence is all the information the auditor relies on to arrive at any conclusion.
Can audit committee protect minority shareholder interest?
Most of Audit Committee INED are friends of Chairman, so they are not really independent!
The impact of internal audit on organization?
Internal audit reveals to management whether internal control procedures are duly followed or not.
