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.
internal audit evidence is all the information the auditor relies on to arrive at any conclusion.
management evidences and direct conformation evidence
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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
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An inconclusive audit is one in which the evidence presented is not definite under the specific requirements needed. Information that may be conclusive in other situations can sometimes be inconclusive during an audit.
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Working papers are the evidence of work done by the auditor, he should prepare working papers in order to provide evidence that audit was properly performed according to ISA standards. Working papers support auditor, in-case he is being sued in court by the client, for negligence of audit work.
Source of evidenceIndependence of evidence sourceEffectiveness of internal controlsOriginality of documentationvailability and existence of documentation
Audit working papers are used to support the audit work done in order to provide assurance that the audit was performed in accordance with the relevant auditing standards. They show the audit was:Properly planned;Carried out;There was adequate supervision;That the appropriate review was undertaken; & finally and most importantly;That the evidence is sufficient and appropriate to support the audit opinion.