Risk Assessment and Internal Control, Advanced Auditing Assignment Help

Advanced Auditing - Risk Assessment and Internal Control, Advanced Auditing

Risk Assessment and Internal Control

In the system of internal control it is defined as plan of organization or all the procedures or methods adopted by the management of an entity to assist in achieving the management’s objective of ensuring as long as practicable orderly & efficient conduct of its business, it includes:

1. Safeguarding of assets:

2. Adherence to management policies:

3. Accuracy and completeness of accounting records:

4. Timely preparation of reliable financial information: and

5. Prevention and detection of fraud and error.

This is auditor’s duty to know that internal controls as installed by the management are fully in operation. For obtaining assurance about the dependability of the system, he may frame his audit programme. That is why the auditor should know

1. Whether the internal control system is formalized;

2. Whether there exists any internal control system;

3. Whether the control are in-fact operating;

4. What the controls are and how they work;

5. Whether the controls have been understood by the operative personnel in the same way as the management intended.

That is because the auditor should have adequate understanding of the accounting system or related internal controls or evaluate the controls on which the auditor proposes to rely during the conduct of his audit. In this the auditor concludes that the system of internal controls is reliable, his substantive procedures would normally be less extensive than would otherwise be required. In adverse result of evaluation of the control system, the auditor can also decide to review the timing, nature or extent of the planned audit procedures.


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There are some areas of study are also given below:

1. Internal control Structure in an Organization

2. Internal Control System—Nature, scope, objective and Structure

3. Limitations of Internal Control

4. Component of Internal Controls

5. Review of the System of Internal Controls

6. Methods for the Proper review and Evaluation of the adequacy of the Internal Control

7. Compliance Procedures and Evaluation of Internal Controls

8. Internal Control and Risk Enterprises

9. Reporting to Client on Internal Control Weaknesses

10.Internal Audit

11.Relationship Between Internal and Statutory Auditors

12. Plan of Work by an Internal Auditor

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