Theories of auditing There are several different theories that may explain the demand for audit services. Some of them are well known in research and some of them are more based on perceptions. Figure 1 illustrates four audit theories according to Hayes et al. (2005). The policeman theory claims that the auditor is responsible for searching‚ discovering and preventing fraud. In the early 20thcentury this was certainly the case. However‚ more recently the main focus of auditors has been to provide
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MBA Semester 3 MF0013 – Internal Audit and Control - 4 Credits (Book ID: B1211) Assignment Set- 1 (60 Marks) Note: Each Question carries 10 marks. Answer all the questions. Q1. Explain the use of Sampling technique in Internal Audit ( SA500) Q2. Discuss‚ in brief‚ the advantages and limitations of auditing. Q3. Discuss the main scope and objects of internal audit? Q4. As a senior audit assistant of M/s. Asutosh Associates‚ you are in charge of internal audit team of M/s Rajesh Technologies
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Internal audit and review reports |by Katharine Bagshaw | | |29 Jan 2003 | | |Internal auditors‚ external auditors‚ and consultants who perform internal audit and review engagements provide reports to management | |(internal audit reports)
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Using Computer-Assisted Audit Techniques to Support Audit I. Executive Summary Nowadays‚ the use of computers dominates in most of the business world; auditors too have recognized that the power and speed of computers can greatly assist them in their work. The term “computer-assisted audit techniques” (CAAT) is used to denote computer techniques that auditors can utilize to help them complete their audits in a more effective‚ efficient‚ and timely manner. Use of the prefix “computer-assisted”
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Homework5 Internal Control Audit Standards a. For what purposes should an auditors’ understanding of the internal control components be used in planning an audit? An auditors’ understanding of the internal control components should be used for 3 reasons: a) To identify the potential misstatement that might occurs b) To identify the factors that affect the risk of material misstatement c) To influence the design of substantive procedures b. What is required for an audit team
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Detailed Findings Banking Operations Finding No. 1 Control Objective: 1.1 Clear Policies and Procedures on Banking Operations are not in place Inherent Risk Rating 1-9 Post Audit Residual Risk Rating 1-9 Increase in Residual Risk Finding 1. Policy and procedure manuals help to standardize service delivery and ensure that staffs carry out activities in accordance with how senior management and the Board want things to be done. However‚ although the key staffs at the branch (including
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Dear Hiring Committee‚ I would like to take this opportunity to express my devote interest in the position of Internal Audit Analyst for the Pinal County Office of Internal Audit. As a current Pinal County employee‚ I am excited and intrigued at the possible opportunity to further grow and be a part of our local government. During my time with the Treasurer’s office‚ I have gained a passion for providing for our citizens and the desire to afford heightened knowledge and service to Pinal County
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WorldCom: internal audit lessons to be learnt On June 9 2003‚ the U.S. Bankruptcy Court of New York issued a report on the WorldCom accounting fraud that expands on the court’s earlier findings of mismanagement‚ lack of corporate governance‚ and concern regarding the integrity of the company’s accounting and financial reporting functions. Supervised by former U.S. Attorney General Richard Thornburgh‚ the study was commissioned by the court to investigate allegations including fraud‚ mismanagement
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GOOD GOVERNANCE IN PUBLIC INSTITUTIONS OF GHANA: THE ROLE OF THE INTERNAL AUDITOR 5/5/2009 SCHOOL OF BUSINESS‚ UNIVERSITY OF CAPE COAST‚ GHANA ISHMEAL OFORI AMPONSAH (STUDENT) Table of Contents Introduction 1 Background of the Study 1 Problem Statement 2 Management Question: 2 Research Questions: 2 Hypothesis: 2 Objectives 3 Significance of Study 3 Literature Review 4 Definition of Internal Audit 4 Role of the Internal Auditor in governance 5 Methodology 6 Research Design 6 Population
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A baseline definition of internal auditing provides a starting point for understanding the roles and responsibilities of internal audit function. The Institute of Internal Auditors ("IIA") offers the following description: "Internal auditing is an independent‚ objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic‚ disciplined approach to evaluate and improve the effectiveness
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