James H. (1996) Sawyer’s Internal Auditing‚ 4th edition‚ Florida: The Institute of Internal Auditors‚ p 2. Flesher Dale (1996) Internal Auditing: A One-Semester Course‚ Florida: The Institute of Internal Auditors‚ pp. 5–6. 3. Internal Auditing (2002) Distance Learning Module: Institute of Internal Auditors UK&Ireland. 4. Moeller Robert and Witt Herbert (1999) Brink’s Modern Internal Auditing‚ 5th edition‚ New York: John Wiley and Sons Inc. 5. Flesher Dale (1996) Internal Auditing: A One-Semester
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access to application programs. ANS: T 4. A check digit is a method of detecting data coding errors. ANS: T 5. Input controls are intended to detect errors in transaction data after processing. ANS: F 6. A header label is an internal‚ machine-readable label. ANS: T 7. The user test and acceptance procedure is the last point at which the user can determine the system’s acceptability prior to it going into service. ANS: T 8. A run-to-run control is an example of an
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Audit Documentation Purpose: 1. Main evidence of procedures‚ work performed on audit 2. Prepare sufficient & appropriate audit documentation on timely basis 3. enhance audit quality 4. facilitate effective review 5. evaluate audit evidence obtained & conclusions reached before finalizing auditor’s report 6. assisting audit team plan & perform for audit 7. assist audit team members’ supervise & direct audit work‚ discharge responsibilities (Quality Control
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INTERNSHIP REPORT ZARAI TARAQIATI BANK LIMITED Head Office Islamabad INTERNAL AUDIT DIVISION‚FINANCE & ACCOUNTS DIVISION INTERNSHIP PERIOD: SIX WEEKS SUBMITTED BY: UMAIR SHABBIR SUPERVISED BY: USMAN YOUSAF QASMS QUAID-I-AZAM UNIVERSITY ISLAMABAD ACKNOWLEDGEMENT All praises are for almighty Allah for guiding me in hardships and all respect for Holy Prophet (PBUH) for showing me the light of truth and honesty. I am thankful to Mr. Usman Yousaf‚under his guidelines I was able to complete
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Communicate findings to management and the board of directors through other required communications and assurance services method. INTERNAL AUDITING In June 1999‚ the Institute of Internal Auditors (IIA) adopted a new definition of internal auditing. Internal Auditing is an
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Chapter 11 Fraud Auditing Review Questions 11-1 Fraudulent financial reporting is an intentional misstatement or omission of amounts or disclosures with the intent to deceive users. Two examples of fraudulent financial reporting are accelerating the timing of recording sales revenue to increased reported sales and earnings‚ and recording expenses as fixed assets to increase earnings. 11-2 Misappropriation of assets is fraud that involves theft of an entity’s assets. Two examples are an accounts
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Principles for the Assessment of Internal Control Systems Management oversight and the control culture Principle 1: The board of directors should have responsibility for approving and periodically reviewing the overall business strategies and significant policies of the bank; understanding the major risks run by the bank‚ setting acceptable levels for these risks and ensuring that senior management takes the steps necessary to identify‚ measure‚ monitor and control these risks; approving the
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Introduction Internal audit is an independent‚ objective assurance and consulting activity designed to add value and improve an organization’s operations. Proper internal control not only ensures that the assets and records are safeguarded‚ but also creates an environment in which efficiency and effectiveness are encouraged and monitored. This report is mainly focused on internal audit and internal control system in a company. In this case‚ the company is Kejora Bhd.. This report also focused
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surveys conducted the company found the brand name as the major asset of the company ‚ which could prove to be the main source of competitive advantage of the company . Internal factor Evaluation (IFE ) of Laura Ashley Company ``A summary step in conducting an internal strategic- management audit is to construct an internal factor Evaluation (IFE ) Matrix . This strategy formulation tool summarises and evaluates the major strengths and weaknesses in the functional areas of a business ‚ and
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From: The Alchemy Inc. External Audit Team Date: September 23‚ 2008 Re: Internal Control Weaknesses Leave Alchemy Inc. Vulnerable to Errors‚ Fraud‚ and Abuse Internal controls represent an organization’s processes and procedures used to meet its goals and objectives and serve as a defense in safeguarding assets and preventing and detecting errors‚ fraud‚ and abuse. Effective internal controls provide reasonable assurance that an organization’s objectives are achieved through (1) reliable
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