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How Internal audit is different from Risk based internal audit?
A risk base internal audit is latest approach to ensure best practices aiming at maximizing the impact of audit by focusing on the major strategy ,regulatory, financial and operation risk that confront an organization while internal audit is traditional independent examination of financial and operation of an organization to ensure economic,effective and efficiency utilization of an organizations resources
Who determines internal auditors scope of work?
The scope of work for internal auditors is typically determined by the audit committee or the board of directors, often in collaboration with the internal audit management team. They assess the organization's risks, objectives, and compliance requirements to establish priorities and focus areas for the internal audit function. Additionally, the internal auditors themselves may contribute to defining their scope based on their expertise and understanding of the organization's operations. Ultimately, the goal is to ensure that the internal audit process addresses key risks and adds value to the organization.
What exactly is an internal audit?
An internal audit is an activity undertaken within a company or organization by an independent authority which looks objectively at the company operations. It reviews its practices and compliance features.
What is exactly an audit committee and is it any different from internal audit department?
An audit committee is a subgroup of a company's board of directors responsible for overseeing financial reporting, internal controls, and the audit process, ensuring transparency and accountability. It typically consists of independent members who provide oversight of the internal audit department and external auditors. In contrast, the internal audit department is a dedicated team that evaluates and improves the effectiveness of risk management, control, and governance processes within the organization. While the audit committee provides oversight, the internal audit department performs the actual audits and assessments.
Who is responsible for making sure an organization's internal control system is adequate?
The board of directors and its audit committee have responsibility for making sure the internal control system within the organization is adequate
How Internal audit is different from Risk based internal audit?
A risk base internal audit is latest approach to ensure best practices aiming at maximizing the impact of audit by focusing on the major strategy ,regulatory, financial and operation risk that confront an organization while internal audit is traditional independent examination of financial and operation of an organization to ensure economic,effective and efficiency utilization of an organizations resources
What exactly is an internal audit?
An internal audit is an activity undertaken within a company or organization by an independent authority which looks objectively at the company operations. It reviews its practices and compliance features.
What is the purpose of the Institute of Internal Auditors' internal audit function?
The internal audit function is to ensure that an organization meets its objectives through a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance
Who is responsible for making sure an organization's internal control system is adequate?
The board of directors and its audit committee have responsibility for making sure the internal control system within the organization is adequate
What has the author N O'Sullivan written?
N. O'Sullivan has written: 'The impact of organisational form internal governance and non audit services on audit pricing'
Difference between internal audit and internal control systems?
Distinguish between internal audit and internal control.
What is internal audit audit evidence?
internal audit evidence is all the information the auditor relies on to arrive at any conclusion.
What is the difference between external and internal audits?
An internal audit is conducted by the organization itself or a firm hired by them; it is a self examination. An external audit is done by an outside agency that reports to the firm's stockholders, or to another party, such as a business, a bank, or the IRS.An external audit is usually from an outside auditing company like Deloitte & Touche, Ernst & Young, etc. These companies will visit the client company for a designated period to review the books. An internal audit is usually done by employees within a company. This is to maintain controls and prevent any mistakes.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.
Who should internal audit department report to?
The internal audit department should ideally report to the board of directors or an audit committee within the board, rather than management. This structure helps ensure independence and objectivity in the audit process, allowing auditors to provide unbiased assessments of the organization's risk management, control, and governance processes. Reporting to the board also fosters transparency and accountability, enhancing the overall effectiveness of the internal audit function.
Can statutory audit be done after tax audit?
Statutory Audits are those mandated by a statute. So by that definition even tax audit is a statutory audit.The management of the organization makes the appointment of an internal auditor. The statutory auditor is appointed by different authorities. First statutory auditors are appointed by the shareholders in the annual general meeting. The main object of the statutory audit is to form an opinion on the financial statement of the organization auditor has to state that whether the financial statements are showing the true and fair view of the affairs of the organization or not. The main object of the internal audit is to detect and prevent the errors and frauds.The scope of the statutory audit is fixed by the company act. it can not be changed by mutual consent between the auditor and the management of the audited business unit. The scope of the internal audit is fixed by the mutual consent of the auditor and the management of the unit under audit.
What is meant by audit trail?
audit is an evaluation of a person, organization, system, process, project or product .Audits are performed to ascertain the validity and reliability of information, and also provide an assessment of a system's internal control. The goal of an audit is to express an opinion on the person/organization/system etc. under evaluation based on work done on a test basis.Doing a trial process in audit to make it effective is audit trial.
Who draws up the audit report?
The audit report is typically prepared by the auditor or audit team responsible for conducting the audit. This can include internal auditors for an organization's internal assessments or external auditors from an independent firm for external audits. The report summarizes the audit findings, including compliance with regulations, financial statements, and any identified issues or recommendations. Ultimately, it is reviewed and signed off by the lead auditor or audit manager before being presented to stakeholders.
