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An ongoing audit refers to a continuous auditing process that occurs throughout the financial reporting period, rather than being confined to a specific time frame at the end of the period. This approach allows auditors to assess and monitor an organization’s financial practices and internal controls regularly, enabling timely identification and resolution of discrepancies or risks. Ongoing audits can improve the overall accuracy of financial statements and enhance compliance with regulations, providing stakeholders with more reliable insights into the organization’s performance.
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Who is a surveillance audit conducted by?
A surveillance audit is typically conducted by an external certification body or an internal audit team within an organization. The purpose of the audit is to assess ongoing compliance with standards, such as ISO certifications, and to ensure that the organization maintains its quality management systems. Auditors evaluate processes, documentation, and overall adherence to established criteria, providing feedback and recommendations for improvement.
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
Who is a surveillance audit conducted by?
A surveillance audit is typically conducted by an external certification body or an internal audit team within an organization. The purpose of the audit is to assess ongoing compliance with standards, such as ISO certifications, and to ensure that the organization maintains its quality management systems. Auditors evaluate processes, documentation, and overall adherence to established criteria, providing feedback and recommendations for improvement.
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
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
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?
What is audit committee?
Audit Committe enhance communication between Internal Audit, External Audit and CFO. Audit Committe assist directors to avoid litigatio risk.
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.
What is an audit. Types of audit?
TOBBACCO
What is shop audit?
Shop audit
What is the audit Trait?
audit trail
