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we have to check all transactions in the several departments we have to verify and observe to find out where is the mistake.
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∙ 14y ago
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3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
What is audit committee?
Audit Committe enhance communication between Internal Audit, External Audit and CFO. Audit Committe assist directors to avoid litigatio risk.
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.
What is audit procedures?
Audit procedure is the process followed while auditing an entity which may include:Confirm the audit assignmentComplete appropriate planningExecute actual internal audit workDevelop a report
What is the difference between audit and control?
An audit is performed by an outside party; a control is exercised by an internal party. A control provides assurance to management, while an audit provides assurance to outside investors.
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.
The impact of internal audit on organization?
Internal audit reveals to management whether internal control procedures are duly followed or not.
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.
Is pre audit is a internal audit function?
Yes pre audit is the responsibility of internal audit department as external auditors are only auditing the activities after end of fiscal year when everything is complete.
What is Internal audit an external audit?
Internal audit is conducted by people from within the company. This is also known as first party audit. External audit is conducted by an independent party. Second or third party audits are external audits.
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.
When there is a statutory audit introduction of internal audit is not necessary at all?
false
When there is a Statutory Audit introduction of Internal Audit is not necessary at all.?
false
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 internal and external audit?
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.
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
