this indicates that the audit will be conducted in accordance with the international auditing standards.
What is the nature external 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?
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.
Do you mean "scope of the audit"?? If so, the scope of the audit is the objective...what are you trying to verify? It could be a restricted scope in that you are looking at only a few specific items or full scope where you look at everything from cradle to grave, including all incomes and expenses.
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
What is the nature external 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?
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.
Do you mean "scope of the audit"?? If so, the scope of the audit is the objective...what are you trying to verify? It could be a restricted scope in that you are looking at only a few specific items or full scope where you look at everything from cradle to grave, including all incomes and expenses.
this indicates that the audit will be conducted in accordance with the international auditing standards.
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
An internal audit is done by the company itself. An external audit is done by auditors not under the influence of the company being audited.
It is established by determining the boundaries for the engagement and should reflect the audit objectives
The scope of an audit refers to the extent and boundaries of the audit process, defining what will be examined and the specific areas of focus. It includes the objectives, timing, and the resources allocated to the audit, as well as the criteria against which performance will be evaluated. The scope is crucial in determining the audit's depth and breadth, ensuring that all relevant aspects of the entity being audited are adequately covered. Ultimately, it guides auditors in planning and executing the audit effectively.
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 scope of an audit should come first, as it defines the boundaries and extent of the audit process, including what areas will be examined and the criteria for evaluation. Establishing the scope helps auditors understand what they need to focus on to meet the objectives effectively. Once the scope is defined, the purpose can be articulated more clearly, guiding the audit towards its intended outcomes and ensuring alignment with stakeholder expectations.
Audit Committe enhance communication between Internal Audit, External Audit and CFO. Audit Committe assist directors to avoid litigatio risk.