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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?
Difference between internal audit and internal control systems?
Distinguish between internal audit and internal control.
What is scoop of audit?
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 impact of internal audit on organization?
Internal audit reveals to management whether internal control procedures are duly followed or not.
What is the scope of external audit?
this indicates that the audit will be conducted in accordance with the international auditing standards.
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?
Can cost accountant do the internal audit of the company?
Cost Accountant can very well do the internal audit of the company. Since internal audit is the 'seeing us inside' and also the scope is the operations and compliance part of the activities, cost accountants have expertise in conducting the same. They are the 'most fit' professionals for conducting internal audit of manufacturing operations, processes and activities and assessing the risk involved in each area. The new Companies Act, as such, recognises cost accountants along with other finance professionals for award of internal audit assignment. And internal audit has been made mandatory for certain class of companies. But, the cost accountants who are engaged in cost audit assignment of the company cannot be engaged for internal audit of the same company as the engagement would affect objectivity and there may be conflict of interest.
Difference between internal audit and internal control systems?
Distinguish between internal audit and internal control.
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.
What is scoop of audit?
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.
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 scope of audit?
this indicates that the audit will be conducted in accordance with the international auditing standards.
The impact of internal audit on organization?
Internal audit reveals to management whether internal control procedures are duly followed or not.
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 the scope of external audit?
this indicates that the audit will be conducted in accordance with the international auditing standards.
What the Difference Between Internal Audit and Interim Audit?
An internal audit is conducted by an unbiased party within the company. An interim audit (which is an audit conducted before the end of the fiscal year) can be conducted by someone outside the company.
How is the scope of an audit established?
It is established by determining the boundaries for the engagement and should reflect the audit objectives
