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What are Objectives Of Internal Audit?
Ans) The purpose of internal audit is to remain proper control over business activities. When there is proper control there is maximum efficiency. The internal auditor explains the degrees of control over work. The purpose of internal audit is to calculate the accounting system. It is concerned with checking proper authority for transactions like purchase, retirement and disposal of fixed assets. The vouchers can be compared with entries in order to verify that figures are facts.
Pension Funds Pension funds are set up by companies or other organizations: (a) To administer the pension payable to retired employees and (b) Ensure that funds are available
The Concept of Audit Evidence Auditing is an evidence gathering exercise. It is an exercise carried out to confirm the assertions made by the management in carrying out the man
information included in current file in auditing
Existence - Plant and Machinery However this should generally be checked through physical inspection, so a problem arises. Items of machinery and plant can be numerous mobile
auditor is a watch dog not a blood hound
what a group auditing and holding campanies in details with exmple propurly???
Discovery of unlawful acts When an auditor discovers unlawful acts, usually he is not expected to disclose to the police or other authorities unless: The client authorise
How do internal auditors add to the credibility of financial statements?
Relevance - Sources of evidence The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contain
For each of the following situations, describe how risk of material misstatement should be assessed and what effect the assessment will have on detection risk. (i) Johnson is a
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