SUMMARY OF KEY POINTS OVERVIEW OF FINANCIAL STATEMENTS AUDIT * The audit enables the auditor to express an opinion whether financial statements are prepared‚ in all material respects‚ in accordance with and acceptable financial reporting framework. * Complete set of general purpose financial statements: * 1. balance sheets * 2. income statements * 3. statement of changes in equity * 4. cash flow statement * 5. summary of significant accounting policies and other
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Social Audit A social audit is a business statement presented annually to understand‚ measure‚ report and improve the organization ’s social and ethical performance. Usually‚ social audit is addressed to employees‚ investors‚ market analysts‚ shareholders and lastly‚ the community. This is considered to be the main ground for practicing corporate social responsibility. With social audit‚ it strengthens the relationship between company‚ society and environment and at the same time showing the
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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
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INTRODUCTION Audit Planning and reporting Auditing planning and reporting are two critical stages in whole audit Cycle. Audit planning is before beginning of field work and reporting is last Stage in bank audit Good planning leads to effective Reporting Planning (also called forethought) is the process of thinking about and organizing the desired activities required to achieve a desired goal. Planning involves the creation and maintenance of a PLAN. As such< planning is
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Audit Objectives: a. Determining that cash on hand as shown in the general ledger is represented by currency and coins on hand. b. Determining ownership and proper accountabilities c. Ascertaining that cash balances are available without restrictions. Audit Procedures: a. Examination of cash proof sheets and tracing of their totals to the general ledger b. Test tracing of deposit or withdrawal slips to individual subsidiary ledgers and vice
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soccer in England during the other seven months. —REQUIRED Determine Andrew’s Canadian income tax obligations. What deductions/credits may he claim against Canadian income? Solution 1 (Basic) Andrew will be taxable on taxable income earned in Canada because he will be employed in Canada. This taxable income earned in Canada will be computed under subsection 115(2) and taxable under Part I. He will need to file a Canadian income tax return to report the employment income earned in Canada. He will
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Edmund 62288211087 Audit 1 Audit Syariah Definition Audit is a process to investigate and verify an account‚ while Syariah is the rule of Islam (Hukum Islam). Therefore‚ Audit Syariah is the process to analyse‚ check‚ investigate and to make sure the operation and the management of Islamic Financial Institution (IFI) is accordance to the principal and the Syariah’s guidelines‚ mainly for the production of a product. Syarikah al-Rajhi al-Masrafiyyah LiL Istismar has define the Audit Syariah as “parties
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• • • • • • • Situational Analysis Objectives Strategy Targets Tactics Men Money Minutes Measurement 7 The Planning Models • • • • • • • • • S O S T T M M M M S O S T A C 8 Marketing Audit • A marketing audit is a comprehensive‚ systematic‚ independent and periodic examination of a company’s-or business unit’s-marketing environment‚ objectives‚ strategies and activities
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Completing the Audit Concepts: Nature of a balance sheet approach to the audit & implications for auditing the income statement * Obtain sufficient‚ competent‚ evidential matter for all balance sheet accounts * Note that if all balances are fairly stated‚ and the balance sheet balances‚ then Retained Earnings must be correct * If Retained Earnings is correct‚ then the Income Statement’s net income cannot be materially in error * Therefore‚ less work is done auditing the income
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Types of Environment Audits Site Audit 1. Reclamation of Land * Important because the inception of the Mining Act was passed in 1869. * was periodically amended and in 1991 included closure and reclamation * Therefore‚ after the amended Mining Act in 1991 when a mine begins its operation it must have plans‚ procedures and funds to restore the land to its natural state. 2. Longer term protection of close sites * A closed mine site can be monitored forever due to the hazardous
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