1. Introduction to audit and
corporate governance

Audability Ltd

1
Spot the auditor


Draw a picture of an auditor

Group exercise

Audability Ltd

2
Spot the auditor

Group exercise

Audability Ltd

3
An audit involves….


Investigating information prepared
by someone else to decide whether
it is fairly stated

Group exe...
An audit involves….


Reporting back on your results

Group exercise

Audability Ltd

5
Four key concepts





Planning
Risk assessment
Evidence
Materiality

Group exercise

Audability Ltd

6
Audability Ltd

7
What is audit?
Narrow

External Audit

Wider

Internal Audit

Widest

Anything that uses the work
audit e.g. a ‘Health and...
External versus internal audit
External Audit

Internal Audit

Requirement

Usually yes e.g.
Companies Act

Usually no

Ob...
External audit: private vs public
Private sector

Public sector

Requirement

Yes – Companies
Act

Yes – different bits
of...
Some key qualities of auditors …
o
o
o
o

Independence
Integrity
Objectivity
Professional scepticism

Audability Ltd

11
Professional sceptisism

Group exercise

Audability Ltd

12
Benefits of an audit


What do you think are the benefits
of having an audit (external or
internal)?

Group exercise

Aud...
Benefits of audit

Funding
Funders

Management

Accountability

Audability Ltd

14
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Session 1 publication pre lecture - introduction to audit and corporate governance

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Session 1 publication pre lecture - introduction to audit and corporate governance

  1. 1. 1. Introduction to audit and corporate governance Audability Ltd 1
  2. 2. Spot the auditor  Draw a picture of an auditor Group exercise Audability Ltd 2
  3. 3. Spot the auditor Group exercise Audability Ltd 3
  4. 4. An audit involves….  Investigating information prepared by someone else to decide whether it is fairly stated Group exercise Audability Ltd 4
  5. 5. An audit involves….  Reporting back on your results Group exercise Audability Ltd 5
  6. 6. Four key concepts     Planning Risk assessment Evidence Materiality Group exercise Audability Ltd 6
  7. 7. Audability Ltd 7
  8. 8. What is audit? Narrow External Audit Wider Internal Audit Widest Anything that uses the work audit e.g. a ‘Health and Safety Audit’ Audability Ltd 8
  9. 9. External versus internal audit External Audit Internal Audit Requirement Usually yes e.g. Companies Act Usually no Objectives ‘True and fair view’ Assurance on & sometimes more systems & controls Independence Never an employee Can be employees Reporting Shareholders/ public Audability Ltd Management 9
  10. 10. External audit: private vs public Private sector Public sector Requirement Yes – Companies Act Yes – different bits of legislation Objectives ‘True and fair view’ & sometimes more ‘True and fair view’ & value for money Independence Firm – appointed by shareholders Agency or firm – usually not appointed by body Reporting Shareholders Body/Parliament/ Public Audability Ltd 10
  11. 11. Some key qualities of auditors … o o o o Independence Integrity Objectivity Professional scepticism Audability Ltd 11
  12. 12. Professional sceptisism Group exercise Audability Ltd 12
  13. 13. Benefits of an audit  What do you think are the benefits of having an audit (external or internal)? Group exercise Audability Ltd 13
  14. 14. Benefits of audit Funding Funders Management Accountability Audability Ltd 14

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