Operational Audit Best Practices A methodology to Conduct Operational Audit in Public Sector Organizations What is Operational Audit? Operational Audit is a methodology for assessing the conformity of implementing the procedures and methodologies set forth in the department’s instructions‚ regulations or documents. Operational audit is performed by specialized auditors. Upon completion of the auditing process‚ a report of findings with recommendations is submitted. Operational audit contributes to
Premium Audit Auditing Internal control
NATURE OF OPERATIONAL AUDIT • Also known as management audits and performance audits. • Conducted to evaluate the effectiveness and/or efficiency of operations. • Examinations of all or part of an entity to determine the degree of its operational efficiency‚ effectiveness and economy. • Also refers to the auditor’s study of business operations for the purpose of making recommendations about economic and efficient use of resource‚ effective achievement of business objectives
Premium Auditing Financial audit Internal control
AUDIT EVIDENCE Audit Evidence Definition : All the information used by the auditor in arriving at the conclusions on which the audit opinion is based. This includes the information contained in the account records underlying the financial statements and other information. Additionally‚ audit evidence should be persuasive‚ rather than convincing. There are different levels of reliability of audit evidence‚ some providing more evidence than others. There are nine types of audit evidence
Premium Auditing Financial audit Audit
Accounting Horizons Vol. 21‚ No. 2 June 2007 pp. 165–187 Auditor Communications with the Audit Committee and the Board of Directors: Policy Recommendations and Opportunities for Future Research Jeffrey Cohen‚ Lisa Milici Gaynor‚ Ganesh Krishnamoorthy‚ and Arnold M. Wright SYNOPSIS: To contribute to the Public Company Accounting Oversight Board (PCAOB) project on auditor communications with audit committees and boards of directors‚ we present in this paper a review of relevant academic literature
Premium Auditing Audit Internal audit
eventually drawn into Livent’s fraudulent schemes by its principal architects‚ including Maria Messina‚ the company’s chief financial officer (CFO). Messina‚ a former partner with Deloitte & Touche’s Canadian affiliate‚ had previously served as Livent’s audit engagement partner. The fraud unraveled following Livent’s takeover by an investment group led by Hollywood mogul Michael Ovitz. The new management team installed by Ovitz soon found that “massive‚ systematic irregularities” permeated the company’s
Premium Audit Auditing Chief financial officer
THE NIGHT AUDIT Front office records must be periodically reviewed for accuracy and completeness. This need is met through the NIGHT AUDIT. With computerised accounting it can be carried out at any time during the day. These properties choose to call the audit the Front office audit or System up date. Even though computerised properties can perform these functions at any time‚ they almost invariably follow the night time tradition since the no. of transactions are less during the late night or
Premium Hotel Audit Auditor's report
Audit Manual – PART TWO SYSTEM BASED AUDIT Table of content 1. 2. Introduction.......................................................................................................................3 Systems based audit ........................................................................................................4 2.1. 2.2. 2.3. 2.4. 2.5. 2.6. 2.7. 2.8. 3. 3.1. 3.2. 3.3. 3.4. 3.5. 3.6. 3.7. 4. 4.1. 4.2. 4.3. 4.4. 4.5. 4.6. 4.7. 4.8. 4.9. 4.10. 4.11. 4.12. 4.13. Preparing for & planning
Premium Internal control Auditing Audit
INTRODUCTION TO AUDITING 1. WHAT IS AN AUDIT An audit is an independent examination of the financial statements of an entity in order to enable the auditor to express an opinion as to whether it gives a true and fair opinion and if it has been properly prepared in accordance with the applicable reporting framework. 2. Under the Companies Act‚ Cap. 50‚ private limited companies that satisfy the following conditions are not required to have an audit: a) number of shareholders
Premium Audit Balance sheet Internal control
. . . . . . . . . . . . . 5.5 Collins Harp Enterprises 5.6 Sarbox Scooter‚ Inc. 5.7 Société Générale Recommending IT Systems Development Controls . . . . . . . . . . . . . . . . . . . . . . . . . Scoping and Evaluation Judgments in the Audit of Internal Control over Financial Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . How a Low-Risk Trading Area Caused a $7.2 Billion Loss instructor resource Manual — do not coPy or redistribute instructor resource Manual
Premium Internal control Auditing Audit
[pic] In audit to evaluate the HRD structure‚ system‚ culture‚ competency & other aspects‚ the following multiple methods are used: Interviews: Individual interviews with the top management are conducted to capture the top management’s thinking on the future plans and opportunities available for the company. Interviews with other levels of Managers and Staff are conducted n groups to collect information about the effectiveness of the existing HRD systems‚ culture‚ skills‚ styles‚ etc. Group
Premium Management Organization Competence