INTERNAL AUDIT TRAINING MODULE BASED ON THE INTERNAL AUDIT PROCEDURE MANUAL Ministry of Finance & Economic Development November 2005 TABLE OF CONTENT MODULE I I. INTRODUCTION AND GENERAL BACKGROUND SESSION I INTRODUCTION BREAKING THE ICE LEARNING CONTRACT BASES AND AUTHORITY THE GENERAL CONCEPT OF AUDITING 1 1 1 2 3 SESSION II HISTORICAL DEVELOPMENT OF INTERNAL AUDITING INTERNAL AUDITING IN ETHIOPIA THE SCOPE AND PRACTICE OF INTERNAL AUDITING IN ETHIOPIA NEED TO ADOPT THE PROFESSIONAL
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Case Study 3 a) What events or condition above may cause substantial doubt about the entity’s ability to continue as a going concern? Events or condition that may cause substantial doubt about the entity’s ability to continue as a going concern are the first one‚ because of the high competition in the industry‚ it has affected the sales of the Fast Go. The effect of vigorous competition in the markets has makes it difficult for Fast Go to attract and retain customers and to grow their customer
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Print Form 00-1 2009 General Audit Engagement Checklist 20‚401 Section 20‚400 General Audit Engagement Checklist Checklist for Review of Audit Engagements Contents Section I. The Auditor’s Report With Regard to the Auditor’s Report............................................................................................... II. General Audit Procedures With Regard to Client Acceptance .................................................................................................. With Regard
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portioned depends on the actual situation. The specific audit procedures to obtain evidence regarding the opening balances include: Current assets and liabilities. Audit evidence about opening balances for current assets and liabilities may be obtained as part of the current period’s audit procedures. For example‚ the collection (payment) of opening account receivable (account payable) during the current period will provide some audit evidence of their existence‚ rights and obligations‚ completeness
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to auditees”? Non-audit services (NAS) may be any services other than audit provided to an audit client by an incumbent auditor. Such services may be referred to in the professional and academic press as management advisory services or consulting‚ but NAS also includes compliance related services (such as taxation and accounting advice) and assurance related services (such as due diligence and internal audit). Compliance related services are closely linked to the annual financial reporting round.
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perform and advise on a variety of external audit assignments in connection with financial and worksite enforcement. Perform audits of suspected criminal organizations and businesses for the purpose of substantiating compliance with laws and regulations. Provide technical assistance and analysis to Criminal Investigators and others. Review financial documents and employment documents. Conduct systematic examinations of financial records associated with financial and worksite enforcement investigations
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threat‚ such a threat could compromise‚ or could be perceived to compromise‚ a professional accountant’s compliance with the fundamental principles. A circumstance or relationship may create more than one threat‚ and a threat may affect compliance with more than fundamental principle. Threats fall into one or more of the following categories: (a) Self-interest threat – the threat that a financial or other interest will inappropriately influence the professional accountant judgment or behavior; (b)
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INC. Synopsis Similar to most financial frauds‚ the Livent‚ Inc. fraud was masterminded by a few individuals‚ primarily Garth Drabinsky and Myron Gottlieb. However‚ numerous individuals were 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
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procurement audit. Source: David Farmer etal 1972‚ Procurement principles and Practices On the African scope‚ procurement audit is done according to international conventions governing different international entities but the principles followed are almost similar. Gerald Mabveka (1987) of the University of Boston and Director of Public procurement in Malawi in his journal Business and Creative Technologies gives the general definition of audit as an evaluation
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Project What is the purpose of auditing? Describe the relationship between internal controls and the audit process. Answer The purpose of an audit is to provide financial statement users with an opinion by the auditor on whether the financial statements are presented fairly‚ in all material respects‚ in accordance with the applicable financial reporting framework. An audit also enhances the degree of confidence of intended users in the financial statements. Financial audits add credibility
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