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Benefits of Internal Audit are following:
It is in-expensive.
No charted accounted is needed to audit internally.
Faults will be removed before preparing financial statements.
There will not be any type of embarrassment in the society due to errors have been removed.
Accounting staff will remain in pressure so record will remain update every time in the company.
Drawbacks:
Internal audit is not acceptable by the shareholder.
There can be errors in internal audit because he is not an auditor and there are some more.
a. Discover Fifty strengths and Fifty weaknesses after conducting an internal audit of a company. b. What procedures could then be used to determine the most important of these?
Permanent Audit File The permanent audit file might include, inter alia: a) A copy of the enterprise's statutes and other legal or statutory documents governing the enterpri
General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a
Techniques of obtaining evidence ISA 500 mentions them as: (a) Inspection of records or documents, (b) Inspection of tangible assets, (c) Observation, (d) Inquiry, (e) C
Audit of Partnerships The audit of a partnership is not normally required by statute and so the auditor must agree with the client what his rights and duties are going to be. T
how EDP audit is carried out
Pension Funds - Specialized Audit Situation Pension funds are set up through companies or another organization: (a) To retired employees to administer the pension payable
General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o
Disclosure and Presentation - Audit Process IAS 16 provides exclusive disclosure requirements. Fixed assets should be split into appropriate classes and the following shoul
Wal-Mart Locate the 2009 Form 10-K for Wal-Mart in Appendix A and consider the following questions: 1. With respect to the report of the external auditors to "the Board of Directo
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