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How do you manage the internal auditing department?
The MetricStream's Internal Audit Management solution is a comprehensive application designed to help companies manage a wide range of audit-related programs, data and processes. It provides flexibility to support all types of audits - internal audits, operational audits, IT audits, supplier audits and quality audits. The solution provides end-to-end functionality for managing the complete audit lifecycle including risk assessment, audit planning and scheduling, development of standard audit plans and checklists, field data collection, development of audit reports and recommendations, review of audit recommendations by auditees and management and implementation of audit recommendations and remediation.
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.
Outline the benefits of an external audit?
An external audit helps businesses improve their processes. Recommendations made by external auditors are generally unbiased, which will allow managers to take them seriously.
The purpose of an audit is to?
An audit is used to determine the fairness of a financial statement. Audits should be performed by an independent organization that is separate from the owner of the corporation.
What best describes an audit?
The official inspection of an organisation's accounts by an independent body
The basic requirement of a third party audit is that it is conducted by?
an audit by an independent organization
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
How do you manage the internal auditing department?
The MetricStream's Internal Audit Management solution is a comprehensive application designed to help companies manage a wide range of audit-related programs, data and processes. It provides flexibility to support all types of audits - internal audits, operational audits, IT audits, supplier audits and quality audits. The solution provides end-to-end functionality for managing the complete audit lifecycle including risk assessment, audit planning and scheduling, development of standard audit plans and checklists, field data collection, development of audit reports and recommendations, review of audit recommendations by auditees and management and implementation of audit recommendations and remediation.
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 independent auditing?
It refers to the auditor having independence from the people that have a financial interest in the audit. It ensures the audit is not done with bias.
Outline the benefits of an external audit?
An external audit helps businesses improve their processes. Recommendations made by external auditors are generally unbiased, which will allow managers to take them seriously.
Can audit committee protect minority shareholder interest?
Most of Audit Committee INED are friends of Chairman, so they are not really independent!
What is A five letter word for listen in?
audit
List five recommendation that have been made recenlty to strengthen the independent audit function?
A public company auditor, in order to be independent, should not audit its own work (as it would if it provided internal audit outsourcing services, financial information systems design, appraisal or valuation services, actuarial services, or bookkeeping services to an audit client).A public company auditor should not function as part of management or as an employee of the audit client (as it would if it provided human resources services such as recruiting, hiring, and designing compensation packages for the officers, directors, and managers of an audit client).A public company auditor, to be independent, should not act as an advocate of its audit client (as it would if it provided legal and expert services to an audit client in judicial or regulatory proceedings).A public company auditor should not be a promoter of the company's stock or other financial interests (as it would be if it served as a broker-dealer, investment adviser, or investment banker for the company).
The purpose of an audit is to?
An audit is used to determine the fairness of a financial statement. Audits should be performed by an independent organization that is separate from the owner of the corporation.
What best describes an audit?
The official inspection of an organisation's accounts by an independent body
How does internal audit help in promoting ethic in organizations?
Gives assurance to internal controls and provides recommendations on identified opportunities for improvement
