Asked in Business Accounting and Bookkeeping
Meaning of private audit?
when the audit is not a statutory requirement , but is conducted at the desire of owners , such an audit is private audit . the audit is conducted primarily forr their own interest. At times the private audit may become a requirement under tax laws , if the turnover exceeds a specified limit. private audit is of the following types : 1 audit of sole proprietorship 2 ,, ,, partnership firms 3 ,, ,, individuals accounts 4 ,, ,, institutions not covered by...
Asked in Home Equity and Refinancing, Tax Audits
Which types of organizations have a significantly higher rate of adverse audit findings?
Nevertheless, smaller nonprofits and those new to federal program assistance and those organizations with prior single audit findings had a significantly higher rate of adverse audit findings. ...
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done. ...
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. ...
Asked in Business & Finance, Tax Audits
What is the process of preparing an audit?
The process of preparation for audit depends on the kind of audit to be performed, it's objective and scope. The scope of the audit is key to the planning process. The planning required or statutory audit is different from internal audit; it also differs from forensic audit? ...
Asked in Auditioning, The Difference Between
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit? ...
Asked in Tax Audits, Management and Supervision
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...