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A draft audited accounts: When the external auditors of a company have finished the audt of the company, a draft accounts will usually be prepared. It is called a draft because it is still subject to "alteration" as it has not been finalised. An external auditor will have to sign a fully audited accounts but will not append such signature unless the accounts is finalised in all aspects. So, we may say a draft audited accounts is an accounts already audited by the external auditors but which is still subject to alterations and will eventually become a final audited accounts onces all alterations have been effected and the accounts signed by both the external auditors and the board of directors of the company.
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Who audits an audit firm?
In Canada, the Canadian Public Accountability Board. In the USA, the Public Company Accounting Oversight Board.
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 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.
What is an audit query?
An audit query is a request for information or clarification made during an audit process, typically aimed at gathering additional details about specific transactions, processes, or controls in an organization. These queries help auditors assess compliance, accuracy, and effectiveness of financial statements or operational practices. They can be directed to management, staff, or relevant documentation to ensure a thorough and accurate audit. Addressing audit queries effectively is crucial for maintaining transparency and accountability in financial reporting.
What is honorary audit?
An honorary audit refers to a type of audit conducted without charging a fee, often performed by volunteers or professionals who offer their expertise as a service to a non-profit organization or community group. This type of audit can help enhance transparency and accountability in financial reporting, particularly for organizations that may not have the resources to afford a paid audit. Honorary audits can also foster goodwill and support for the organization while providing valuable insights for improvement.
What has the author Ho Seung Moon written?
Ho Seung Moon has written: 'A model of accountability and performance audit by supreme audit institutions'
Which audit events could be monitored to improve user accountability?
logon attempts, file modification, account modification.
Who audits an audit firm?
In Canada, the Canadian Public Accountability Board. In the USA, the Public Company Accounting Oversight Board.
Who should the outside auditor report to?
The outside auditor should report to the audit committee of the board of directors, as this ensures independence and objectivity in the audit process. The audit committee is responsible for overseeing the auditor's work, reviewing the audit findings, and ensuring that the financial reporting is accurate and complies with relevant regulations. This structure helps maintain transparency and accountability in the financial reporting process.
What has the author Laura Spira written?
Laura Spira has written: 'The role of the audit committee within the UK framework of corporate governance and accountability'
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.
What Is a word that means official examination or review?
A word that means official examination or review is "audit." An audit typically involves a systematic evaluation of financial records, processes, or compliance with regulations. It is conducted to ensure accuracy, accountability, and adherence to established standards.
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.
What is an audit query?
An audit query is a request for information or clarification made during an audit process, typically aimed at gathering additional details about specific transactions, processes, or controls in an organization. These queries help auditors assess compliance, accuracy, and effectiveness of financial statements or operational practices. They can be directed to management, staff, or relevant documentation to ensure a thorough and accurate audit. Addressing audit queries effectively is crucial for maintaining transparency and accountability in financial reporting.
What is honorary audit?
An honorary audit refers to a type of audit conducted without charging a fee, often performed by volunteers or professionals who offer their expertise as a service to a non-profit organization or community group. This type of audit can help enhance transparency and accountability in financial reporting, particularly for organizations that may not have the resources to afford a paid audit. Honorary audits can also foster goodwill and support for the organization while providing valuable insights for improvement.
Supporting documentation and audit readiness assertions must be submitted by the Reporting Entities to the?
Supporting documentation and audit readiness assertions must be submitted by the Reporting Entities to the appropriate regulatory or oversight body, such as a government agency or an internal audit committee. This documentation ensures compliance with applicable regulations and standards, providing transparency and accountability in financial reporting. Timely submission is crucial for maintaining trust and facilitating the audit process.
What is audit record?
An audit record, also known as an audit log, is a chronological record of events, actions, or transactions that occur within a system or process. It captures details such as the time of the event, the user involved, the action taken, and the outcome. Audit records are essential for tracking compliance, enhancing security, and facilitating forensic analysis in case of irregularities or breaches. They help organizations maintain accountability and ensure transparency in their operations.
