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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.
What is the meaning of audit discripancies?
Audit discrepancies refer to inconsistencies or differences found during an audit between recorded financial data and actual transactions or compliance standards. These discrepancies can highlight errors, fraud, or deviations from established policies and procedures. Identifying and addressing these issues is crucial for ensuring the accuracy of financial statements and maintaining regulatory compliance. Effective management of audit discrepancies helps organizations improve their financial integrity and operational efficiency.
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 an public debt audit and how supreme audit institutions audit the public debt?
A public debt audit is an evaluation process conducted to assess the accuracy, legitimacy, and management of a government's debt obligations. Supreme Audit Institutions (SAIs) perform these audits by examining the financial records, compliance with regulations, and the efficiency of debt management practices. They analyze debt accumulation, repayment mechanisms, and the impact of debt on national finances, ensuring transparency and accountability in public borrowing. This process helps to identify risks and improve financial governance.
What is financial Cost of internal Audit?
The financial cost of an internal audit includes expenses such as salaries for audit staff, costs of training and development, and resources for audit tools and software. Additionally, there may be indirect costs related to the time spent by management and employees in preparing for audits and responding to findings. Overall, while these costs can be significant, effective internal audits can lead to improved compliance, risk management, and operational efficiency, potentially saving the organization more in the long run.
What is the difference between cost audit and management audit?
Mgt audit is not compulsory under the law .cost audit in certain industry ,it is legally compulsory
How do you say audit in latin?
The meaning of "audit" is "hears."
What has the author William Acar written?
William Acar has written: 'The organizational audit and analysis' -- subject(s): Management audit, Management by objectives
What is asserted in an operational audit?
In an operational audit, the management of an organization asserts that the operations of the organization are being conducted in accordance with management's established policies and procedures.
Objectives and importance of management audit?
In today business world management play very important role for the success of failure of business. Management is the life blood of every organization. So if organization want to gain competitive advantage then it should improve their management efficiency and effectiveness. Followings are the objectives of management audit: Review of policies review of procedures review of methods performance appraisal job rotation Depend upon auditor mind or purpose of management audit
What does MLC mean as it pertains to an audit?
Management Letter Comment
The impact of internal audit on organization?
Internal audit reveals to management whether internal control procedures are duly followed or not.
What is asserted in a compliance audit?
In a compliance audit, an organization's management asserts that the organization or individual is complying with specific laws and/or regulations.
What is a surveillance audit?
A survelliance audit is a process where current procedures are checked and verified against the company's quality management system.
Where can one download audit management software?
Spiceworks offer a range of free downloads including audit management software. Sparta systems and Resolver GRC also have more complex systems such as web based software management.
What is a suffix meaning hearing?
The suffix meaning "hearing" is -acusis.
Internal audit format of post audit reports?
You should refer to PMbok internatioanl standards for project management Reference books R wysocki 2009 effective project management 2009
