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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.
phases of operational auditing reports
Audit Risk and Business Risk We saw in earlier studies that audit risk is often categorized as the product of inherent risk, control risk and detection risk. Auditors should
Fairness - Auditing The word fair can have the following meanings: on the other hand clear, plain and distinct and on the one impartial, equitable and simple. When fair is
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?
Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules:
Capital Commitments - Audit Process The Companies Act needs capital commitments be disclosed through a way of note to the accounts. Therefore the auditor must execute suffici
Attempts at definition of the 'true and fair' view There following quotations represent authoritative views on the meaning of true and fair view. A true and fair view impli
State four factors considered determining sufficiency of audit evidence
Explain the independence between the auditor and the client on financial statement audit engagements
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