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Difference between audit plan and audit program?
an audit program may contain several audit plans
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.
Difference between cost audit and financial audit?
Cost audit is done to audit the cost elements of unit costs while in financial audit, audit of financial statements is done to find out information provided is true and fair or not.
When is audit programme compiled?
before the start of audit
What is an audit independence?
Audit independence means that audit department is completely independant from the mangement of business and there is no interfarence or reliance of audit department on owners of business.
In what cases is a financial audit necessary?
If the company is publicly owned and must submit financial statements to the Securities and Exchange Commission (SEC), an annual financial audit is a basic requirement
Is there a requirement that an audit committee be independent?
Section 301 of the act contains an amendment to Section 10A of the Securities Exchange Act of 1934, which relates to independence of audit committee members.
Are companies required to have audit committees?
Audit committees are required by the NYSE, American Stock Exchange (AMEX), and National Association of Securities Dealers (NASDAQ/National Market System issuers).
How does the legislation affect the internal audit process?
The two pieces of legislation that have probably had the greatest effect on internal audit are the Foreign Corrupt Practices Act of 1977, which changed the reporting relationships and authority of internal audit and Sarbanes Oxley Act of 2002 which requires certain tests be performed on publicly traded companies. Both have changed the function of internal audit. Many other pieces of legislation also affect internal audit, some are industry specific some are more broad based.
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
What is the duration of an audit?
The duration of an audit depends on the project size. A simple token contract (like ERC20 and others) can be audited in a span of a couple of days, whereas, a complex project such as of a decentralized exchange or a dApp may take anywhere between 15 days to a month.
How does an audit manager write up a letter to the audit partner?
How do I write a audit letter about concerns on an audit
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.
Differences between audit plan and audit program?
difference between audit program audit & note book
Difference between audit plan and audit program?
an audit program may contain several audit plans
What is the process of preparing an audit?
Forensic audits follow five key steps. First, planning establishes objectives, scope, and secures legal permissions. Second, evidence collection preserves physical and digital data (emails, ledgers, devices) while maintaining chain-of-custody. Third, data analysis uses specialized tools like ACL, or Tableau to trace transactions, detect duplicates, and identify patterns. Fourth, interviews with staff, vendors, and management to verify findings. Finally, a court-ready report documents the methodology, evidence, and recommendations. This approach helps make sure the findings are solid enough to hold up in court and clearly show whether any financial fraud or misconduct took place. If you are eager to gain more knowledge of audit, you can definitely have a check on CA Tushar Makkar's sessions on auditing and also how you can get placed in audit domain
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?
