Explain the nature and functions of auditing

In addition, independent quality assurance reviews peer reviews are conducted periodically by external parties as required by law. He should also ascertain whether the programmes are carried out as per plan. Notification Letter- With few exceptions, auditees are notified in writing when their area is selected for an audit.

If he is satisfied he can present clean report otherwise he can give qualified report.

Nature and Scope of Internal Audit

Audit Work- It will often be necessary for the auditors to be in your area to review departmental records and conduct interviews of departmental personnel. Compliance with Policies and Procedures: Access to personnel and records is important for the prompt completion of our work. The auditor must receive the certificate from the management in this regard.

The plan is approved by the Board of Regents and is submitted to the President and Executive Committee. Exit Conference- An exit conference will be held to discuss the results of the audit, as well as any audit findings. Any employee can consult him in solving the day-to-day problems.

Therefore, the internal audit work is detached from regular day-to-day operations of the organization. Further the internal auditor should identify the conditions, which would prevent the economical use of resources.

AU Section 110

These letters are sent to the Vice President of the area being audited as well as to the appropriate Dean, Chairperson, or Director. The Office of Internal Audit and Fraud provides a high level of professional service to the University by 1 following established professional standards, and 2 ensuring that its auditors have appropriate technical proficiency and educational background.

Secondly he should make a judgmental evaluation after thorough examination. Posted by King saab at The internal auditor should review the reliability and integrity of financial and operating information and examine the effectiveness of the means used to identify, measure, classify, and to report such information.

Together, the auditee and the auditors determine the departmental personnel and data needed to conduct the audit. They are as below: They are as follows: Over staffing or under staffing.

The revenue items are compared to determine the income. Auditors participate in the following certification programs: Who Audits the Auditors?

The auditor can also confirm the value from outside sources. The auditor can write a letter to the creditors for the verification of liabilities.

This may also be accomplished via telephone if the auditee so desires. Following are the important functions of audit: Reliability and Integrity of Information: We encourage auditees to discuss any concerns or questions they have about the audit.

The internal auditor should carefully examine the controls established inside the organization. Written policies and procedures may also be requested to aid the auditor in understanding the operations.

The audit process includes the following steps: Procedures, which are not cost, justified. The word appraisal implies a critical evaluation and assessment of the existing controls and operations of the business enterprise.

His services can be availed at any time of emergency. Follow-up reviews are usually conducted six to twelve months from issuance of the final audit report.

Through audit those documents can be checked which support and prove the business transactions. The word independent implies that the audit work should be free from any sort of restrictions that may have a significant impact on the scope and effectiveness of the review process and on the reporting of the findings and conclusions.Explain the nature and functions of auditing.

Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. In your paper, be sure to address the following: a. Describe the elements of the Generally Accepted Auditing Standards (GAAS). b.

what is the function of the office of internal audit and fraud? The Internal Audit and Fraud Office was established to provide an independent examination, appraisal, and evaluation of Texas Southern University operations on behalf of the Board of Regents, the President, and management.

rite a to 1,word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or an organization with which you are familiar.

In your paper, be sure to address the following: Describe the elements of the Generally Accepted Auditing Standards (GAAS). Question details:IndividualGenerally Accepted Auditing Standards PaperPrepare a to 1,word paper in which you explain the nature and functions of billsimas.com your explanation to the audit functions in your organization, or an organization with which you are billsimas.coms the following in your paper:·Describe the elements of the Generally Accepted Auditing.

Generally Accepted Auditing Standards Paper Write a to 1,word paper in which you explain the nature and functions of auditing.

Relate your explanation to the audit functions in your organization, or an organization with which you are familiar. Internal audit is an independent appraisal function established by the management of an organisation for the review of the internal control system as a service to the organisation.

It objectively examines, evaluates and reports on the adequacy of internal control as a contribution to the proper, economic and effective use of resources.

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Explain the nature and functions of auditing
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