ACCT 601 Final Draft
How to conduct an efficient and effective internal audit
ACCT 601 ACCOUNTING CAPESTONE
Tina Johnson
Table of Contents
I. Executive Summary
II. Introduction
III. Review of Literature
IV. Analysis
V. Recommendations
VI. Summary and Conclusions
VII. References
I Executive Summary
There were numerous data sources, majority web publishing, which consist of articles directly from accounting journals and article written by other Accounting professional. This paper will explain how to conduct a successful internal audit. To have a successful internal audit the company must construct a sound plan, have an upbeat atmosphere and encourage an open dialog of communication between the auditor and the client. Today many auditing organization are demonstrating how the audit process will work through Web-based presentations. The first topic I will discuss is the four stages of an audit. First and Announcement letter- this is when the Internal Auditor Director informs the client of the audit. Next the audit committee will start the planning portion-this is when the auditor notifies the client of what information will be discussed. Typically objectives and the scope of examination are reviewed in the audit meeting. During this meeting the information about important processes within the company will be gathered; the organization mangers discuss existing controls, and how to approach the additional steps remaining to this audit. Then the audit committee would need to concentrate on informal communication and testing the transaction procedures. When the auditors conduct fieldwork; the main goal is to determine whether controls identified in the preliminary review are working properly, in the manner which the client described. To complete the fieldwork, they should develop a list of finding to be discussed in the audit report. During this report the auditor will conclude all audit findings and give any
ACCT 601 ACCOUNTING CAPESTONE
Tina Johnson
Table of Contents
I. Executive Summary
II. Introduction
III. Review of Literature
IV. Analysis
V. Recommendations
VI. Summary and Conclusions
VII. References
I Executive Summary
There were numerous data sources, majority web publishing, which consist of articles directly from accounting journals and article written by other Accounting professional. This paper will explain how to conduct a successful internal audit. To have a successful internal audit the company must construct a sound plan, have an upbeat atmosphere and encourage an open dialog of communication between the auditor and the client. Today many auditing organization are demonstrating how the audit process will work through Web-based presentations. The first topic I will discuss is the four stages of an audit. First and Announcement letter- this is when the Internal Auditor Director informs the client of the audit. Next the audit committee will start the planning portion-this is when the auditor notifies the client of what information will be discussed. Typically objectives and the scope of examination are reviewed in the audit meeting. During this meeting the information about important processes within the company will be gathered; the organization mangers discuss existing controls, and how to approach the additional steps remaining to this audit. Then the audit committee would need to concentrate on informal communication and testing the transaction procedures. When the auditors conduct fieldwork; the main goal is to determine whether controls identified in the preliminary review are working properly, in the manner which the client described. To complete the fieldwork, they should develop a list of finding to be discussed in the audit report. During this report the auditor will conclude all audit findings and give any
References: Chartered Institute of Internal Auditors Retrieved from: https://www.iia.org.uk/about-us/what-is-internal-audit/: Metric Stream, 2015 Retrieved from: http://www.metricstream.com/products/auditmangmt.htm: Cytraus Aldona, 2015, Compliance Audit; Retrieved from: Reference for business Encyclopedia of Business 2nd ed. Retrieved from: http://www.csoonline.com/article/2127917/fraud-prevention/fraud-prevention--improving-internal-controls.html