Types of audit, Other Management

There are different types of audits performed to check discrepancies in various departments some of the types of audits are described.

  • Economic audits or reviews.
  • Operational audit.
  • Follow-up audits.

The figure explains the different categories of audits that play a very important role in the assessment of project quality.

2084_Types of audit.png

Figure : Different types of audit

Economic audits or reviews: These audits are autonomous assessments which are performed to check if the organisational function of financial data is in all fair, correct and constant.

Operational audits: Operational audit facilitates continuous improvement since it aims to find facts of operational efficiency of processes. It is a future- oriented, methodical, and autonomous assessment of organisational actions. Fiscal data may be used, but the chief sources of proof are the operational policies and achievements related to organisational goals. Internal controls and efficiencies are examined during this review.

Follow-up audit: Follow-up Audit is an audit conducted around six months after an internal or external audit account has been issued. They are designed to examine corrective action that has been taken on the audit issues as mentioned in the original report. The findings of this report will be published to external auditors during the surveillance audit.

Audit criteria refer to the set of policies, procedures and requirements used as a reference. The audit criteria should establish the area of audit, specifically the procedures and any other industry specific regulations or any other contractual requirements. A check list is a valuable source which helps in explaining the audit criteria requirements. They need to be developed to provide assistance to the audit process. This will help the auditor to concentrate on the salient items of the audit and also not miss the content. The checklist enables the author to determine in advance the skill or expertise needed to audit to determine in advance the skill or expertise needed to audit and also that would be needed to evaluate the response by the concerned department and also place the right methods of evaluation.

Not all the testing methods are equally shaped on one hand for instance; there are informal assessment methods that serve as practice sessions in preparing for applying compliance certificates. Then, there are formal testing methods that must mandatory meet the exact requirements that are aimed by the industry standard testing maturity model integration (TMMi)

There arise few criteria specific questions in the assessment of  project quality. They are:

  • Scientific quality of the project quality of the literature analysis.
  • Are the objectives of project quality clear, well argued.
  • Is the quality methodology satisfactory?
  • Is the project innovative?
  • Is the project relevant? Is the project in the framework of the call for proposals?
  • Is it well adapted to the professional?s expectations?
  • Are the stakeholders active and diversified?
  • Can the goals be reached within the duration of the project?
  • Final assessment. Are the expected means realistic according to the goals and methods?
  • Overall assessment. Strengths and weakness of the project.
Posted Date: 9/29/2012 3:39:10 AM | Location : United States







Related Discussions:- Types of audit, Assignment Help, Ask Question on Types of audit, Get Answer, Expert's Help, Types of audit Discussions

Write discussion on Types of audit
Your posts are moderated
Related Questions
Question: The central Bank of Utopia in the tiny kingdom of Bawana, near South Africa (pop 1.6 million) has decided to replace the twenty-five and fifty pesos notes by coins o

Audio-Visual Materials: Audio-Visual Materials No comprehensive bibliography exists at present for identifying and selecting useful audio-visual materials. One series  of inde

Cumulative Index Work: As the name suggests, it pertains to noting by entering down the announcement of cumulative index followed by entering  the receipt of cumulative index

Comparative and Evaluative Survey: Comparative Survey: Let us  suppose, you wish  to compare the "perceived needs of  rural  and urban women  in order to  find similarities

a) Security issues are a major source of concern for everyone both inside and outside the banking industry. There are some security questions that need to be considered before dep

P roject Management Approach and Philosophy A philosophy is an outlook or a way of thinking about the field of application. A project management philosophy reflects the way an

Question 1 Intermediation is the process of linking savers of money with those who are in need of money. Explain the intermediation process of banks. 2 Business lo

The Kardex System: This system was introduced by the Remington Rand of India, Ltd. It is a type of visible record system maintained in a steel filing cabinet. Each unit cabine

Question 1: The Public Sector is undergoing a major transformation. What according to you, are the imperatives that are driving the change process ? Question 2: What